Hyderabad: A fresh case of cheating filed against Nowhera Sheikh, the founder of the Heera Group, has been transferred from Kukatpally Police Station to the Cyberabad Economic Offences Wing (EOW). Sheikh allegedly duped a person under the pretext of investments in gold. She is already facing multiple cases for similar allegations.
On Dec 13, 2024, the case, initially registered at Kukatpally Police Station under charges of cheating, criminal breach of trust, and violations of the Telangana Depositor and Financial Establishments Act, was transferred to the EOW on instructions from the Commissioner of Police. The Serious Fraud Investigation Office (SFIO) is also involved in the case.
The complaint was filed by Momin Farzana Abdullah, a 48-year-old housewife residing in Mallapur. According to her statement, Sheikh established the Heera Group, which included companies like Heera Gold Exim Limited and Heera Foodex Limited, and operated schemes promising substantial returns on investments made for gold purchases. Farzana Abdullah invested 1,55,000 in the Heera Group, making payments through cheques.
Initially, the accused paid her interest of 50,000 for one year on the investment. However, Sheikh and the company later defaulted on returns. Sheikh promised the complainant an annual interest rate of 36% along with a monthly profit of 3% or more, claiming the invested amount would be used to purchase and trade gold. Trusting these assurances, Farzana Abdullah invested in the scheme. Despite repeated requests, Sheikh has not returned the principal amount of 1,55,000.
The investigation into the case is ongoing, with further scrutiny by the EOW.
