Aurangabad: Aurangabad city police have registered a case of cheating and criminal breach of trust against 45-year-old Hyderabad-based Aalima Nowhera Shaikh, chairperson of Heera Islamic Business Group (HIBG) on the charges of duping a woman investor in the city of several lakhs.Aurangabad police have also slapped sections of the Maharashtra Protection of Interest of Depositors Act on Nowhera Shaikh and the directors of the firm, which claiming ‘Halal’ returns, floated several investment schemes. All offences against this firm registered in Mumbai city have now been transferred to the Economic Offence Wing.In Aurangabad too, authorities said depending on the nature and number of offences related to HIBG, cases may be transferred to the city police’s EOW.Reports of the arrest of the chairperson of the firm in Hyderabad last week has sent thousands of investors in the region into a tizzy. After the recent crisis leading to her arrest, this is the first case registered against Nowhera Shaikh in the state, outside Mumbai. Authorities said after reports of unrest amongst HIBG investors appeared, city police chief Chiranjeev Prasad approved registration of offence against the investment firm.Based on the complaint lodged by a retired teacher, the City Chowk police station, on Sunday registered an offence under Sections 420 (cheating) and 406 (criminal breach of trust) of IPC. In addition, sections of the IT Act and Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, 1999 have also been applied.The teacher, in her complaint, said she and four others have been duped of Rs 8.85 lakh. They had invested this sum in instalments between November 2013 and July this year. City Chowk police station inspector Dadasaheb Singare told TOI, “For over a week, several investors have been coming forward with their complaints against this investment firm.” The officer said a preliminary probe revealed that despite the ongoing crisis, there was still a small chunk of investors who report that they are still getting returns.“As 10-15 per cent of investors still get some returns in their respective bank accounts, the remaining are in a dilemma about whether to approach police or not,” the inspector said.Innumerable people invested several hundred crores in the group, which claimed to be making investments in Halal way and said it punctually offered returns for the past 15 years, across the country. Shaikh contested the Karnataka assembly polls early this year in 221 of 225 seats, forming the All India Mahila Empowerment Party, whose symbol was a diamond. The party drew a blank in the polls.

Stay updated with all the Latest Aurangabad headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.