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Hyderabad: HC grants bail to Heera Gold MD Nowhera Shaikh
The Telangana High Court granted conditional bail to the Managing Director of the Heera Group, Nowhera Shaik, who is facing allegations of duping about 2 lakh investors across the country and cheated them for a few thousand crore by promising high returns.
Hyderabad: The Telangana High Court granted conditional bail to the Managing Director of the Heera Group, Nowhera Shaik, who is facing allegations of duping about 2 lakh investors across the country and cheated them for a few thousand crore by promising high returns.
Justice G Sri Devi of the High Court who was hearing the case ordered her to deposit Rs 5 crore as surety and ordered to surrender her passport and should not leave the country without the court permission.
On the other hand, the court also transferred the investigation from the Telangana police to the Serious Fraud Investigation Office (SFIO) headquartered in New Delhi.
All the alleged cases against her including the 10 cases booked in Telangana are going to be investigated by the SFIO sleuths.
Earlier Nowhera was first arrested in New Delhi by Telanagana police in October last year and it had brought her to Hyderabad on transit remand during the investigation of case booked against her in BanjaraHills police station.
Several cases were booked against her for cheating, criminal breach of trust, criminal intimidation and under Telangana Deposits of Financial Establishment Act 1999 and The Prize Chits and Money Circulation Schemes (Banning) Act 1978 in Andhra Pradesh, Karnataka, Maharashtra, Delhi and other parts in the country.
Meanwhile, the Enforcement Directorate (ED) has also registered an FIRs against Nowhera Shaik. She is presently lodged in Chenchalguda Women's Jail.
