Hyderabad: The Enforcement Directorate (ED) on Tuesday has filed prosecution complaint against Nowhera Shaik, Heera Group of companies & others in Ponzi Scheme fraud case.
ED initiated investigations under PMLA on the basis of FIRs registered by Central Crime Station, Hyderabad, Karnataka CID and Andhra Pradesh Police against Smt. Nowhera Shaik, Heera Group of companies and related others by the various depositors.
According to the ED, during the course of investigation, it is revealed that Smt. Nowhera Shaik hatched a well-planned conspiracy and lured innocent people to deposit their savings with her for ‘profit’ sharing rather than interest which is not allowed in Islam. She allegedly incorporated Heera Group of Companies and initially promptly paid the monthly assured so-called profit to win the trust of the gullible victims.
Later, by engaging a network of marketing executives and direct selling agents working on commission basis, she collected deposits to the tune of Rs 5600 Crore from around 1,72,000 investors (IBG Members) across the country by making false promises of paying high rate of returns i.e. 3% per month (36% to 40% per year). For this fraud, she had opened around 250 accounts in various banks across the country and 08 accounts in UAE & Saudi Arabia.
They have diverted the depositor’s amounts to their personal accounts for wrongful gain and amassed huge movable and immovable assets. Smt Nowhera Shaik and Heera Group of companies did not possess any valid permission either under Banking Regulation Act, or from RBI or from any other govt agency such as SEBI for collecting deposits.
The generated proceeds of crime are in the form of movable and immovable properties. In 2019, ED attached assets worth Rs 299.99 Crore of Smt Nowhera Shaik, M/s Heera group of companies and related others in different States under PMLA. Now ED has filed the first prosecution complaint against 28 Accused persons including Smt.
Nowhera Shaik, before the Hon’ble court with a prayer for awarding punishment to the accused persons and confiscation of the attached properties under PMLA.
Further investigation in the case is under process.