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Nowhera Shaikh in Mumbai Court: Investors' money safe, will return every single penny

Sunday November 4, 2018 11:37 AM, News Network

Nowhera Shaikh Case Advocate Tamanna Speaking with Reporters

[Advocate Tamanna Shaikh talking to GalliNews outside Mumbai Special Court on Saturday November 03, 2018. (Video grab/GalliNews)]

Mumbai: Reassuring the investors that they should not worry, Nowhera Shaikh, Heera Gold Managing Director and Founder President of All India Mahila Empowerment Party (AIMEP) on Saturday said she was duty bound to return every single penny of the investors deposited with her.

"Every investor's money is safe. I am committed and duty bound to return every single penny", Nowhera Shaikh said in Mumbai court Saturday.

Nowhera Shaikh was produced in the Special Court by the Economic Offences Wing (EOW) of Mumbai Police after her PC ended Saturday. Nowhera Shaikh's lawyers argued to get her released on bail. The court however extended Nowhera Shaikh's Police Custody till November 08.

Talking to reporters outside the court, Nowhera Shaikh's counsel, Advocate Tamanna Shaikh, said they submitted in the court to deposit rupees five crore as surety to get her released on bail.

"If we add up the amounts of all complainants it comes out to be some 50 lakh rupees. For this amount we are ready to deposit in court rupees five crore", she said.

"We had already deposited 5 crore rupees as surety in Nampally Court Hyderabad. We can do the same in Mumbai", she said.

Regarding the delay in payment, which actually trigerred anger of the investors against Heera Gold and its MD Nowhera Shaikh, Advocate Tamanna Shaikh cited "some changes in the Reserve Bank of India (RBI) policy".

Special Public Prosecutor Vijay Malankar however said that there were many discrepancies in the claims made by Shaikh during her interrogation.

The Economic Offences Wing (EOW) in its remand application also said that while it had sought information about registration of the group from the Non-Banking Financial Company, the Reserve Bank of India and the Securities and Exchange Board of India, a response is yet to be received.

The Economic Offences Wing (EOW) also said that so far, 50 bank accounts connected with the group and Shaikh have been seized. "The money received in these bank accounts from November 28, 2016, to May 23, 2017, is Rs 141 crore", the EOW told the court.

It said that so far, 147 investors have come forward and the number is expected to rise.

According to an unofficial estimate, there are more than 02 lakh investors who have deposited hundreds of thousands of rupees with Heera Gold Exim, Heera Retail Pvt Ltd, Heera Textile, Heera Foodex and other firms owned by Nowhera Shaikh.

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