more-in The Hyderabad city police on Tuesday announced the apprehension of managing director of Heera Group of Companies Nowhera Shaik for allegedly cheating investors. Incidentally, Ms Shaik is also the founder of the Mahila Empowerment Party, which contested the Assembly elections in Karnataka earlier this year. City Police Commissioner Anjani Kumar told the media that investigations revealed incriminating evidence against Ms Shaik and she was arrested in Delhi on Monday. She was brought to Hyderabad on transit remand and was later produced before the XII Additional Chief Metropolitan Magistrate, Nampally. Mr Kumar said Ms Shaik headed 15 companies, part of the Heera Group, many of which were involved in collection of deposits and investments. While returns were given for a few months, they would eventually stop, he said. Promise of 36% returns The depositors, Mr Kumar said, were promised returns of 36% per annum. Most of the investors were in Andhra Pradesh, Telangana, Maharashtra, West Bengal and Rajasthan. Complaints from West Asian countries, including Dubai too, were received, he said. “The ill-gotten wealth was invested in the names of several individuals and companies. We have identified 160 bank accounts across India,” he said and added that over 60 properties had also been traced. Mr Kumar said the Heera Group chief’s activities had shown up on the police radar in 2011. A case was registered against her in 2012. Earlier this year, Banjara Hills police registered a case against Ms Shaik after which Central Crime Station re-registered the case under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 506 (criminal intimidation) and 420 (cheating) of the Indian Penal Code and relevant sections of the Telangana Protection of Depositors of Financial Establishments Act 1999 and Prize and Chits and Money Circulation Act Schemes (Banning) Act of 1978. Statements recorded Mr Kumar said in due course of investigation, statements of depositors and other stakeholders were taken. He, however, declined to reveal how much funds were diverted.

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