ED Claims Heera Group Duped Investors Of Rs 3,000 Crore In Sharia-Based Scheme

New Delhi: The name of Heera Group and its chief, Nowhera Shaikh, is once again in the news. The Enforcement Directorate has recently arrested her from Gurugram. The agency alleges that she collected money (Rs 6,000 crore) from a large number of people in the name of investment and later the amount (Rs 3,000 crore) was not returned. Complaints were registered against her in many states for a long time. Investigating agencies say that the case is related to an alleged investment scam worth thousands of crores of rupees.

Did the network grow rapidly among the Muslim community?

Heera Group started from Hyderabad and gradually spread its network to many parts of the country. The company described itself as a big business group involved in real estate, gold trading and other businesses. Nowhera Shaikh became very popular especially among the Muslim community. People were told that the company works on Shariat based investment model, where the profit from the business will be distributed and not the interest. A large number of people invested in this trust.

Did the promise of high returns increase problems?

According to the investigating agencies, it was claimed to give very high returns to the investors. Many people were assured that their money would grow rapidly. Initially, some investors also received payments, which further strengthened people's confidence. But later the payments started stopping and a series of complaints started. Many families had invested their savings in the company.

Has Nowhera Shaikh been arrested before?

Nowhera Shaikh's name has been appearing in different cases for the last several years. Cases were registered against her in Mumbai, Hyderabad, Warangal and other cities. She was also arrested in 2018. Later she got relief in some cases, but the investigation continued. Recently the Supreme Court had ordered her to surrender. After this ED detained her from Gurugram. The agency claims that she was living in hiding with a fake identity.

Are efforts underway to get investors' money back?

ED has seized many properties related to Heera Group. The agency says that efforts are being made to return the investors' money through auction of these properties. However, a large number of people are still waiting to get their money back. Many victims say that they had invested their entire life's savings in this scheme.

Has Nowhera Sheikh been active in politics also?

Nowhera Sheikh was not limited to just the business world. She also formed a political party named All India Women Empowerment Party. The party had fielded candidates in the elections of some states including Karnataka. However, she did not achieve great success at the political level.