Hyderabad, Oct 16: Nowhera Shaik, the CEO of Heera Group engaged in mobilising investments through gold schemes offering a high rate of interest has been arrested for allegedly cheating depositors.
The 45-year-old business magnet, heading 15 different group companies spread across different parts of the country, was arrested on Monday in New Delhi and brought to Hyderabad, the police said here today.
A senior police officer said many of the companies were involved in collecting deposits and investments in different modes of gold schemes from the public, and promising a return of 36 per cent a year on the invested amount.
While the exact number of those affected was not yet known, it is estimated that the number of depositors could be in thousands in different states of the country, the police said in a statement.
Many investors have not been paid their dues for the last few months by the companies, the police said, adding the accused has not cooperated with the probe.
Nowhera Shaik is the founder and president of All India Mahila Empowerment Party, launched on November 16, 2017. Her party had contested in all assembly seats in recent Karnataka polls and lost deposit in all constituencies. She has now decided to field candidates in all constituencies in Telangana.
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