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Managing director of Heera group jailed for fraud

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Hyderabad: Managing director of Heera group of companies Nowhera Shaik, facing cases for allegedly duping hundreds of investors, was Tuesday remanded in judicial custody by a local court, police said.

She was remanded for allegedly cheating a 48-year-old man, a driver by profession, who had invested Rs 5.75 lakh in one of the companies, police said.

 In October last, a driver had complained to the police he had invested in Heera Gold Exim Ltd with the promise of monthly returns but it did not and did not return the invested sum either.

Nowhera was earlier arrested for allegedly cheating investors to the tune of several crores of rupees, they said.

Subsequently, she was taken into custody by the Mumbai and Andhra Pradesh police.

She was brought on a prisoner transit warrant from Chittoor district in Andhra Pradesh in connection with the October case and produced before the local court which sent her to jail, assistant commissioner of police B Surendar Rao told PTI.

Nowhera, while being shifted to the prison, told reporters that she would return the amount in the way she has been for the past several years and added that she could not owing to some situation.

Heera group has 74 branches across the country and abroad and engaged 430 marketing agents in the branches to collect the deposits from investors.

Nowhera headed 15 companies of the Heera group, many of which were involved in collection of deposits and investments.

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