Finally law catches Nowhera Shaikh of Heera Group, investors may lose over 20k crore

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Nowhera Shaikh

By Abdul Bari Masoud

Hyderabad/New Delhi:  Finally the law catches up Dr Aalima Nowhera Shaikh, the chairperson of ponzy company Heera Group and president of the All India Mahila Empowerment Party (MEP) who allegedly duped hundreds of unsuspecting investors across the country.  Hyderabad Police on Tuesday arrested her after unrelenting protest by investors at the company’s headquarters and other cities. Her company collected hundreds of crores rupees since its inception but refused to return investors’ hard-earned money. Even she stopped ‘sharing profit’ with investors after her party MEP  had contested Karnataka assembly election in May this year and throughout the electioneering, MEP was accused of being the B-team of the BJP, and of contesting the polls to take away a share of Muslim votes off the Congress, and thereby help the Hindutva party.

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There have been many cases registered against her and her company in Hyderabad, Bengaluru, and Mumbai and a look out notice has been also issued against her.  She was arrested today at noon at her swanky office in Hyderabad who tried to take political refuge by launching   a political outfit in order to help a communal party in the assembly polls. The protesting investors took a sigh of relief after Nowhera Shaikh’s arrest but they still skeptic about getting back their money. They had earlier protested against the delayed payments following a financial crunch faced by the company.Recently over 200 victims of Heera Gold held public protests in Hyderabad along with victims and investors from other parts of India and filed complaint against the group and its founder Nowhera Shaikh. After the elections, MEP’s own candidates filed criminal complaints against Nowhera Shaik, accusing her of cheating.

Hyderabad-based Shahbaz Ahmed Khan, who has been leading the fight against Heera Group, told Muslim Mirror that every day, he used to receive calls from panicky victims of Heera Gold from across the country seeking his help in recovering their investment.

There are many who had invested more than Rs1 crore in Heera Gold and are now facing difficulties he said and added that they are neither receiving interest nor getting the principal amount back.

The Heera Islamic Business Group or better known as Heera Gold claims to be a gold trading company with business all over the world. It has specifically targeted the Muslim community with the promise of high returns and constant references to ‘Allah’ to project itself as a devout and god-fearing organisation. Particularly, in the past four years, the lack of any enforcement action by investigation agencies has allowed this shadowy group to grow rapidly and diversify into diverse business and it has made crores of deposits in a very short period of time.

The group began its operations in 2010 and since then, claims to have created 25 legal entities in various business sectors, like gold trading, trading, textiles, jewellery, mineral water, granite, tours and travels, developers, electronics, Hajj and Umrah services among others. It also  claims to have its offices in Dubai, Saudi Arabia, Canada, China and Hong Kong. Of these, only 10 were found to be registered on Registrar of Companies (ROC), Hyderabad and only four are found to have filed their balance-sheets (FY12-13), which were being analyzed.

However, because of her powerful political links, the police were not reluctant to investigate the matter or taking action against Heera Gold, Shahbaz Khan said.  Nowhera Shaik has filed 17 cases against him for taking cudgel on behalf of victims.

SEBI has declared the Heera group as a ponzi scheme   which lures unsuspecting investors by offering them unusually high or above average returns without any of the associated risks.

The greed to make ‘easy’ money is so intense it sometimes overpowers their financial wisdom. They get attracted to flashy schemes, promises of impossible returns and weird business models of little-known companies. This is what happened with the investors of Heera group. Nowhera Shaikh’s arrest  has sparked panic among  those particularly NRIs who invested their hard-earned money  in this shadowy group.  An Indian who lives in Abu Dhabi said he is worried about the Dh500,000 he invested with Heera Gold’s Jumeirah Lake Towers office. Another investor who works in Dubai said he fears he had become an unwitting victim of an elaborate Ponzi scheme. “I lost Dh200,000. It was all I had. I am ruined,” he told Gulf News.

 

18 COMMENTS

  1. Hope everyone gets their money back. Chances are very few. We should prey for the victims. Law will take it’s course in punishing the guilty. Request to all investors never fall in prey for high returns. Work hard, Allah will help you.

  2. At present that lady is behind bars ,and after questioning session with she would say all truth about money, so atleast all investors will get their amount not compkete but 50percent , so people will get some .hope ALLAH HELP ALL OF US AND OUR HARD MONEY BE SAFE.

  3. Hope people will try to find out the reasons why investors loose their money on the name of Halal investment. I am not sure many investors compliy to Quranic guidelines about surplus income. They should refer Ayat No. 219 of Surah Baqarah before investments.

  4. Salaam,

    I am surprise with this news and I feel pity on Shahbaaz khan. I have no clue what this idiot Shahbaaz Khan is trying to gain out of all this. Looking at him and his talks, it seems he is trying to gain some attention towards him but I am sure and I trust Allah(swt) such people will be in great loss who are against our own people. I pray to Allah that this idiot get some Hidayah and Allah releases that sister who was arrested. Ameen Ya Rab

    • WA salam, Dont you think you ought to feel sorry for the Ummah ?? Instead of feeling sorry for an individual who will be judged any ways by the Creator. Any ways , the people would appreciate if you could explain the business model of HG. And why does a Co. registered with the ROC doesnt furnish a Balance Sheet ?

  5. Heera Gold is widely believed to be run by Salfi cheats. It has met its logical end. Masalak Salfi will also eventually end up likewise. The sooner the better.

  6. The arab countries must take action on this Heera group owner and punished as per islamic law. Indian law will take decades to punish this culprit who cheated poor muslims in the name of Islam and it’s principles.

  7. Dear Brs. & Sisters,

    It is lucrative things for worldly needs but Islamic teaching says ” Duniya Dhoke Ka Ghar Aur Makdi Ka Jaala Hai”

    Keep it simple and be practical.

    Allah Subhanahu Tala’a, Sub Ke Haqh Mey Khair Ke Faislay Farmaye.

    Aameen

  8. Sister Nowheera.Pls return poor or rich peoples money as it is everyones hard earned money & i pray to Allah that you should also be scot free if you promise to abide by the law & return the money of people from whom you have taken.Pls fear Allah as you do not know what the circumstances of people,of ehat they are going tru.Pls pls pls help them & be out.Allah knows everything

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