In 2018, the ED had registered a money laundering case against Shaik and others for duping thousands of innocent investors.
Nowhera Shaik and two of her associates were arrested by the ED in May 2019 in connection with charges of money laundering in a Ponzi scheme. (Wikimedia Commons)
Hyderabad-based Heera Group of Companies’ Managing Director Nowhera Shaik on Tuesday, 3 January, appeared before the Enforcement Directorate (ED) to submit a few documents related to her case.
In 2018, the ED registered a money laundering case against Nowhera Shaik and others.
Shaik and others allegedly collected more than ₹5,000 crore from the public as investment, with the false promise of an unreasonably high 36 percent annual return on investment.
However, they failed to repay even the principal amounts and, in the process, duped thousands of innocent investors, ED officials said.
The ED provisionally attached properties worth ₹300 crore in the case.
The directorate also arrested Nowhera Shaik and two of her associates in May 2019 on charges of money-laundering in a Ponzi scheme and cheating gullible investors.
CEO DR NOWHERA SHAIK'S ED VISIT TODAY | HEERA GROUP LATEST UPDATEhttps://t.co/PJJSIpzYJy#HeeraGoldChairman #nowherashaik#EDInvestigation
— Dr.Nowhera Shaik (@NowheraOfficial) December 27, 2022
Shaik was released from a Mumbai prison, where she was being held, after getting bail from the Supreme Court, in 2021.
The Ponzi scheme case became sensational not only in the two Telugu-speaking states but also in Maharashtra and other states where cases were filed.
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