Hyderabad

Withdrawal forms valued at ₹220 cr. recovered

The police have recovered more than 10,000 withdrawal forms submitted by depositors of Heera Group of Companies .

The withdrawal forms, which were found in Banjara Hills office of the group, were valued at ₹220 crore, the investigators said.

Companies’ managing director Nowhera Shaikh claimed that the company had over two lakh depositors, including people from Gulf countries. However, she did not provide any list.

“Recovered withdrawal forms are the crucial evidence in the case. They are valued at ₹220 crore. However, the process was pending and the money was not given to the depositors,” said Deputy Commissioner of Police (Detective Department) Avinash Mohanty.

15 companies

All these years, the firm, which had floated over 15 companies, including Heera Group, Heera Textile and Heera FoodEx, reportedly had never suffered any losses and had a whooping turn over of over ₹ 800 crore per annum with a constant profit of 36 % every year, which was quite surprising, Mr Mohanty said.

Around 1,100 depositors approached police in various States, including Jammu and Kashmir, complaining that they were not getting the returns from the firm for their investment, said Shahbaz Ahmed Khan, president, All Indian Heera Group Victims Association.

He said that when he approached the police and complained against Ms Shaik for cheating people, she filed 17 cases against him, including a case of sexual assault in Mumbai and other cities.

“Police have supported her illegal activities and helped her dupe the depositors for hundreds of crores,” Mr Khan alleged.

Ms Shaik, who was also founder of the Mahila Empowerment Party, which contested the Assembly elections in Karnataka earlier this year, is currently lodged in a prison in Mumbai after she was arrested by the Hyderabad police in Delhi and brought to the city on November 16.

On tax radar

The Heera Group was on the radar of Income Tax, Reserve Bank of India, Enforcement Directorate, Registrar of Companies, Securities and Exchange Board of India and other finance regulatory bodies, police said. According to Mr Mohanty, over 100 bank accounts of the group had only ₹ 25 crore, while its turnover was much higher. The police have identified 160 bank accounts, of which a few were closed.

Mr Mohanty said the company promised the depositors returns of 36% per annum and most of them were from Hyderabad, Andhra Pradesh, Maharashtra, Karnataka and recently a case was registered at Calicut in Kerala.

Ms. Shaik’s personal assistant Molly Thomas (50), who is the key person in the fraud, was also arrested by Hyderabad police.

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Printable version | Mar 3, 2021 2:15:29 AM | https://www.thehindu.com/news/cities/Hyderabad/withdrawal-forms-valued-at-220-cr-recovered/article25580713.ece

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