Hyderabad, Oct 17 Hyderabad police on Tuesday arrested leading entrepreneur-politician Nowheera Shaik on charges of allegedly cheating the investors.
Nowheera, Managing Director of Heera Group of Companies, was arrested in New Delhi and brought to Hyderabad on a transit remand, said Hyderabad Police Commissioner Anjani Kumar.
The arrest was made during the course of the investigations into a case booked against her at Banja Hills police station in Hyderabad for cheating, criminal breach of trust and criminal intimidation.
She was also booked under Telangana Deposits of Financial Establishment Act 1999 and The Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
Police said it found incriminating evidence against Nowheera, who runs various businesses in India and the Middle East. She also floated All India Mahila Empowerment Party, which contested recent assembly elections Karnataka but drew a blank.
According to police Nowhera Shaik is heading 15 companies under different names under the Heera Group of companies.
“Many of the companies are involved in collection of deposits/investments in different modes of gold scheme from public, where in these companies commit a return of around 36% per annum for the invested amount,” a police statement said.
While the exact number of investors / depositors is not known because the companies have not disclosed complete information before the Police, it is estimated that the number of depositors could be in thousands in different states of the country, it added.
Police claimed that during investigation evidences of diversion of funds came to light. Evidence has also been found of purchase of assets in different names of individuals as well as companies, police said.
“Many investors have not been paid their dues since last few months by accused companies. The companies and other accused have not cooperated with Police or provided relevant information during course of investigation. The main accused also made efforts to mislead the Police and avoid the investigation,” the police chief said.
According to police more than 160 bank accounts have been identified across India, details of which are being sought from the concerned bank.
Different properties have been identified and necessary action under the Telangana Deposits of Financial Establishment Act 1999 and The Prize Chits and Money Circulation Schemes (BANNING) Act, 1978 are under consideration, added the statement.