Mumbai: Staff members of Nowhera Shaikh and retired policemen, and their kin are among the major investors in Heera Gold, Heera Textile, Heera Foodex and other "companies owned" by her, Mumbai police sources revealed Thursday.
Nowhera Shaikh, Managing Director of Heera Gold and Founder President of All India Mahila Empowerment Party (AIMEP), was arrested by the Economic Offences Wing (EOW) of Mumbai police after she was granted bail by Nampally Court in Hyderabad on October 24, 2018.
Police sources said that at least two retired cops of Mumbai police have also invested money in Nowhera Shaikh's so called companies. They invested money either in their own name or in the names of their family members.
EOW Mumbai sources said it has so far received complaints from more than 150 investors, including staff members of Nowhera Shaikh.
Hyderabad police had earlier revealed that Nowhera Shaikh is heading about 15 companies under different names. Many of the the companies are involved in collection of deposits/investments in different modes of gold scheme from public wherein these companies commited a return of around 36% per annum for the invested amount.
Greed and lust for easy money
Mumbai Police sources said a staff member working in Heera Gold's Thane office has invested more than 01 crore rupees in his and in the name of his sister.
Talking to ummid.com on the condition of anonymity, a staff member of Nowhera Shaikh's Malegaon office revealed that there are many people in the city who sold their running powerloom factories and invested the amount in various companies of Nowhera Shaikh. Malegaon is one of the major hubs of textile industry.
"There are also a good number of teachers among investors who withdrew money from their Provident Fund (PF) and deposited in Heera Gold and Nowhera Shaikh's other firms", he said.
"There are some others who took loans from banks to make deposits in Heera Gold and other companies owned by Heera Group. They did so because Nowhera Shaikh promised them a return 2-3 times more than the bank interest rate", he added.
It is also learned that in Mumbai, there are some investors, who sold their own residential flats to deposit money in Heera Group and its subsidiaries. "A large number of such investors who are now living in rented flats have lost every thing. They neither have money to pay rent nor for daily expenses", the investors said.
Heera Group stopped "sharing montly profits" with investors sometimes in June this year. In August, she informed that the investors will get "profits" on their deposits on quarterly basis. She cited changes in RBI policy for the decision.
However, investors got panicked when they did not get money even after three months as promised by Nowhera Shaikh, and some of them hence approached police. Following the complaints by investors, Nowhera Shaikh was arrested on October 15 in New Delhi.
Nowhera Shaikh accused her political rivals behind her arrest. She also assured the investors that their money is safe and she is duty bound to return every single penny. During the investigation she now said to Mumbai police that Heera Group incurred heavy losses, first due to demonetisation (note ban) and then by imposition of Goods and Services Tax (GST).
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