Police investigating the multi-crore investment fraud allegedly committed by Nowhera Shaik, founder of Heera Group of Companies told the High Court that it is concerned for ‘nearly 1,70,000 investors who had deposited close to ₹ 5,600 crore.
The Hyderabad police filed a counter affidavit told the court that registration of cases and the ongoing investigation with the Serious Fraud Investigation Office (SFIO), “is necessary to proceed with the case investigation to protect the interests of the victims.”
CCS Assistant Commissioner of Police (ACP) M. Ram Kumar filed the counter affidavit over a writ petition filed by Nowhera seeking withdrawal of all FIRs registered against her and the company.
In the affidavit submitted by CCS police, so far 85 properties of the group and directors of its companies have been identified that are located in the States of Telangana, Andhra Pradesh,Maharashtra, Delhi, Kerala and Karnataka.
Presently lodged in Chanchalguda prison, the main accused appealed to the court to clear all dues to the depositors concerned if release from jail.