Director Of Firm Arrested For Allegedly Cheating People With Gold Schemes

Nowhera Shaik, heading 15 different group companies spread across different parts of the country, was arrested in Delhi and brought to Hyderabad, the police said

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Director Of Firm Arrested For Allegedly Cheating People With Gold Schemes

The police said many investors have not been paid for the last few months


Hyderabad: 

The director of Heera Group engaged in mobilising investments through gold schemes offering a high rate of interest has been arrested for allegedly cheating depositors, the police said on Tuesday.

Nowhera Shaik, heading 15 different group companies spread across different parts of the country, was arrested on Monday in New Delhi and brought to Hyderabad, the police said.

A senior police officer said she was also associated with a political party. Many of the companies were involved in collecting deposits and investments in different modes of gold schemes from the public, and promising a return of 36 per cent a year on the invested amount.

While the exact number of those affected was not yet known, it is estimated that the number of depositors could be in thousands in different states of the country, the police said in a statement.

Many investors have not been paid their dues for the last few months by the companies, the police said, adding the accused has not cooperated with the probe.



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