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Thursday, November 26, 2020

Heera Group founder seeks bail, claims vendetta by Muslim leaders led to arrest

Many investors in Mumbai and other cities have come forward with complaints of cheating against Nowhera Shaikh. She was arrested by Hyderabad Police after investors made complaints against her there.

Written by Sadaf Modak | Mumbai | November 17, 2018 2:45:09 am
Special court extends the custody of Nowhera Shaikh, Nowhera Shaikh custody extended, Economic Offences Wing, Mumbai Police, Indian Express,  Nowhera Shaikh being taken to the court. (Express Photo by Nirmal Harindran /File Photo )

Nowhera Shaikh, the Hyderabad-based founder of Heera Group of companies, said political vendetta by other Muslim leaders has led to her arrest. Shaikh (38) made the claim in the bail application she filed it before the special Maharashtra Protection of Interest of Depositors Act (MPID) court this week.

Shaikh has said she launched the All India Mahila Empowerment party last year and contested the Karnataka Assembly elections in May. “She (Shaikh) has earned enough popularity in political circles. The other Muslim leaders are jealous of her political growth and are apprehending rivalry,” Shaikh stated. Her party had ended up with a vote share of only 0.3 per cent.

Many investors in Mumbai and other cities have come forward with complaints of cheating against Shaikh. She was arrested by Hyderabad Police after investors made complaints against her there. The Mumbai Police Economic Offences Wing (EOW) took her in custody from Hyderabad jail on October 26 and produced her in the special court in Mumbai based on the FIR against her, accusing her of cheating people of Rs 500 crore. Shaikh was remanded in police custody till November 8, after which the Thane EOW took her in custody for a separate case in their jurisdiction. In her bail plea, Shaikh claimed the cases against her were made to “harass her and cause loss to her company”. She has claimed that the main complainant in the case, a Mumbai resident, had invested in her company in 2017 and got dividends. In August, he sought to withdraw his investment and it was approved. She claimed that the withdrawn money will be paid in December to the complainant, but he had gone ahead and filed the FIR. “Such persons as the complainant are a misguided lot and there is no substance or legality in their complaints,” Shaikh said in her plea. She has also said that the way she was treated by the police was “very humiliating”, claiming she was brought to Mumbai without proper paperwork just as she was to be released from jail in Hyderabad.

At least 150 investors have claimed that they have not got dividends on their investment for the past four months. The EOW is probing the claims while also looking into whether there were violations by the company in investments. The EOW is also probing into whether her companies had followed provisions prescribed by the Reserve Bank of India and the regulatory body, Securities and Exchange Board of India. The special court will hear the bail plea on November 22.

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