On October 16, the Hyderabad police arrested Nowhera Shaikh for cheating, criminal breach of trust and criminal intimidation
Chittoor: The Andhra Pradesh police on Thursday arrested the Managing Director of Heera Gold group and politician Nowhera Shaikh in a Ponzi scheme case in Chittoor.
The Crime Investigation Department (CID) took the entrepreneur-politician Shaikh into their custody in Chittoor district.
Earlier, Shaikh was arrested by the Hyderabad Police for allegedly tricking investors and was recently released on bail. After her release, she was again arrested by the Mumbai Police on similar charges only to be released on bail for the second time.
According to reports, Shaikh has been involved in the allegations of tricking investors in several parts of the country by promising them high returns.
According to the police, Shaikh drifted 20 subsidiary companies and collected hundreds of crores from investors by promising returns of over 36%.
The police reports state that they found her business turnover increased from Rs 27 lakh in 2010-11 to Rs 800 crore in 2017-18. The authorities in other states were investigating the allegations, which reports that she had violated various laws while expanding her business to different parts of the country.
On October 16, the Hyderabad Police arrested Shaikh for cheating, criminal breach of trust and criminal intimidation. She was booked under The Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Telangana Deposits of Financial Establishment Act 1999.
Last Updated Jan 4, 2019, 1:11 PM IST