After several complaints against Heera Gold Pvt. Ltd. from across the country, the police have finally registered a case against the company’s MD and Founder Nowhera Shaikh, who has been accused of conducting a ₹500-crore fraud. More than a thousand people from Mumbai have accused Shaikh of deceiving them after she was accused by people from Hyderabad.
According to Islam, it is forbidden for Muslims to deposit money in the bank and earn interest on the amount. As the majority of investors in the company were Muslims, Nowhera encashed on the opportunity and appealed to the investors to capitalise their money in business and earn the profit on the money instead. Accordingly, thousands of people from the country responded and invested money in the 2008-founded Heera Gold.
During the first year, the investors got good returns and everything seemed proper and legitimate. However, post demonetisation, the company started running into financial troubles and therefore, they were unable to offer proper returns to the investors which put the people in an atmosphere of fear and doubt.
However, the actual problem began when the monetary flow of the company became stagnant six months back and accordingly, the first complaint against the company was registered in Hyderabad.
Similarly, in Mumbai, thousands of investors had put their money in the company and when one such investor discovered that something was wrong, he filed a complaint against Nowhera at J.J. Marg Police Station.
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