Justice G. Sri Devi of Telangana High Court on Tuesday granted conditional bail to Nowhera Shaik of Heera Group of Companies, who was casing a series of cheating cases in different parts of the State.
The judge also passed a direction transferring all the cases related to the alleged multi-crore investment fraud involving Ms. Shaik to Serious Fraud Investigation Agency under the Companies Act-2013. Earlier, opposing her bail plea, the government counsel told the court that Heera Group of Companies was facing cases in various parts of the country too.
In some cases, she was granted bail while charge-sheets were filed in some cases, the counsel said. After hearing the arguments, the judge granted bail, directing her to deposit ₹5 crore and produce two sureties. The judge also said the petitioner cannot leave the country without court’s permission.
