Hyderabad: Banjara Hills police registered a cheating case against Heera Group CEO Nowhera Sheikh. This occurred after a Hyderabad woman accused the company of duping her under the pretext of high investment returns. The complaint was filed by Mohammed Salma Fatima, a resident of Sun City. She claimed to have invested ₹40 lakh in the company in 2016.
According to the FIR, Fatima’s family members also invested large sums in Heera Group. The company reportedly stopped paying commissions in 2018, after initially luring investors with promises of 36% returns.
Fatima alleged that Nowhera Sheikh misled them with false assurances. Sheikh failed to repay either the principal or the promised returns. Based on her complaint, police booked Sheikh under relevant sections for cheating and criminal breach of trust.
ED auctions ₹93.63 crore worth assets linked to Heera Group
The case comes days after the Enforcement Directorate auctioned Heera Group’s immovable assets worth ₹19.64 crore on November 21. Officials confirmed that the group, known for promising unusually high returns, had collected ₹5,978 crore from investors across India.
The ED had earlier attached properties worth ₹428 crore. They alleged that the firm raised massive sums without returning the principal or interest. So far, assets worth ₹93.63 crore have been sold through public auctions. ED authorities stated that proceeds from the auction would be used to compensate the victims of the Heera Group fraud.
