Summary:
Her bank accounts have the address of Hyderabad and sufficient time was required to establish the identity of the company’s agents based in Pune and other parts of western Maharashtra . Shaikh allegedly failed to deliver on her promise. PUNE: A special MPID court on Thursday ordered judicial custody remand of Nowhera Shaikh (44), the chairman and managing director of the Hyderabad-based Heera Group of Companies, till December 27.Shaikh has been named in a Rs165 crore economic fraud case registered by the Cantonment police on November 1.The Cantonment police on Thursday produced Shaikh before the court and filed a remand plea seeking a seven-day extension of her custodial remand.The prosecution sought extension of her custodial remand to examine her bank accounts as Shaikh had accepted cheques from a large number of investors. The prosecution also sought time to establish the other suspects involved in the fraud.Judge A S Bhaisare remanded the accused to judicial custody as the police had recorded statements of investors but there was no progress in the probe.Shaikh (44) was arrested on December 6 and was remanded in police custody until Thursday.City-based lawyer Maqdoom Haji Mohammad Gaus Siddibilal (67) had lodged an FIR against Shaikh stating that she had cheated him and 14 other investors of Rs165 crores by assuring them 35% per annum interest on deposits collected in the name of Heera Gold trading business between April 21, 2016 and April 26, 2018..