AURANGABAD: The news about the arrest of Aalima Nowhera Shaikh , head of the Heera Islamic business group (HIBG) widely known as Heera Gold , by the Hyderabad police in connection with a cheating case, has sent shock waves among thousands of investors here.For the past 17 years, a large number of people across the country have invested several crores of rupees in the group's schemes, which claimed of making investments in 'halal' way and punctually giving returns.Market experts said that the returns promised by the investment firm never appeared to be economically viable, but still many people have been investing in it for almost two decades.The investors from the region have said that for the past five months, there were serious issues about the promised returns. Due to the delay in payments, rumours about the HIBG closing its operations were rife. Several investors were found making rounds of the offices across the state demanding their investments back.Soon after the news of Shaikh's arrest came in on Tuesday, scores of investors started gathering at one of the HIBG representative's office here, resulting in a chaotic situation.HIBG representative Touseef Siddiqui, a homeopath by qualification, said, "I am trying to ascertain what exactly is the situation. I am heading to Hyderabad to get a clear picture, so that it is appropriately communicated to the investors."There is visible fear and anguish among the investors, which include retired teachers who have invested lakhs of rupees they received on their superannuation."I have invested Rs 2 lakh I received on superannuation and now there is no clarity about the promised returns. Moreover, we are not even getting our promised monthly returns," said a retired teacher."Falling prey to the trap laid by the HIBG under the garb of halal income, I have ended up bankrupt. Me and my wife have invested Rs 4 lakh in it and now we fear of being duped," said Shaikh Imran, an executive with an MNC here.The HIBG had floated three schemes. Scheme A (Heera gold) promised monthly returns ranging from Rs 3,050 to Rs 4,750 against each lakh of investment made in bullion market.In Scheme E (Heera Textiles), which is a 14-month scheme, a minimum amount of Rs 20,000 per month had to be deposited for a period of 14 months, for which the investors were promised returns ranging Rs 1.18 lakh to Rs 1.58 for every two lakh invested.In Scheme G (Heera Foodex), the investor has to deposit Rs 20,000 a month for a period of two years, following which he would start getting returns ranging from Rs 28,934 to Rs 33, 600 each month for every Rs 20,000 invested.

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