Ponzi scheme: EOW books Heera Group chairperson
The Economic Offence Wing (EOW) of the Mumbai Police has registered a first information report (FIR) against Dr Aalima Nowhera Shaik, chairperson of the Hyderabadbased controversial Heera Islamic Business Group, better known as Heera Gold, for allegedly duping hundreds of investors in Mumbai and other parts of Maharashtra to the tune of ₹500 crore.
Joint commissioner of police (EOW) Vinoy Choubey confirmed the development to HT.
Shaik, who was arrested by the Hyderabad police on October 17, allegedly cheated hundreds of Muslims in the name of investing in other companies under schemes which she claimed offered lucrative returns.
An FIR was registered against Shaik, first at the JJ Hospital police station and the EOW later took over the investigation. She has been booked on the complaint of a Pydhonie man who had invested ₹3 lakh with her.
“Islam forbids a person from using interest money (byaaj), even if it is earned from any investment scheme. But to convince Muslim people to invest in her company, Shaik would tell them that their money would be further invested it in other profit-making companies, the gains of which would be distributed among the investors,” an EOW inspector who is part of the investigation, told the Hindustan Times.
“And this money will not be considered Haraam as it is not interest (byaaj) money.”
Shaik is believed to have carried out the scams from 2008 to May 2018. As per the statements made by the victims who approached the Mumbai police so far, the Ponzi schemes were promoted through the companies Heera Gold Exim Limited, Heera Retail Pvt Ltd, Heera Textile Ltd, and Heera Foodex Limited.
Through these companies, people would be directed to invest a minimum of ₹25,000 for a lock-in period. The investors were promised a minimum monthly profit of 2.8% and after maturity, the principal amount would be returned.
Shaik has been charged under sections of the Indian Penal Code, Maharashtra Protection of Interest of Depositors Act, and Prize Chits and Money Circulation Schemes (Banning) Act.
Hyderabad police found around 160 bank accounts of the Heera Group across India, where the investors’ money was allegedly deposited. EOW will seek her custody at a later stage, as investors continue to come forward.
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