UAE, Oct 20: The arrest of Heera Group Chairperson Aalima Nowhera Shaikh on October 16 in Hyderabad has triggered panic among investors in United Arab Emirates, with thousands being duped of their lifetime savings which they invested in Shaikh’s so called ‘Halal investment programmes’.

Shaikh believed to be heading a ponzi scheme, had assured investors 35 per cent annual returns by investing their money in gold and textile industry.

Several investors flocked Heera Group’s office in Jumeirah Lakes Towers on October 17, only to find it locked. Visits to the company’s establishments in Sharjah and Ras Al Khaimah were of no benefit and calls made to Heera’s representatives in the UAE remained unanswered.

Many Indians living in UAE gave account to media, on how they lost their savings, falling prey to the words of the 45-year-old Shaikh known for her oratory skills. An Indian had invested Dh 500,000 while another claimed to lose Dh 200,000. Meanwhile, a businessman said that he will sue the company as he does not have any other choice.

Mohammad H, who works as a consultant told Gulf News, that he took Dh50,000 from a loan shark while N.M. from Ras Al Khaimah signed up for a Dh100,000 bank loan, only to invest the amount in Shaikh’s ponzi schemes. Some Indian homemakers claimed to have invested in Heera Group after selling off their jewellery.

Meanwhile, the investigators in Hyderabad are estimating that Shaikh has swindled around Rs 900 crores by floating ponzi schemes. The Hyderabad police have identified more than 160 bank accounts of Heera Group across India where the money taken from investors was allegedly deposited.

Investigators said Heera Group began operations in 2010, and has now grown to 25 legal entities but only 10 are registered with the registrar of companies, Hyderabad. Of these only four filed balance sheets in financial year 2012-13.

Hyderabad police investigations reveal Shaik owns real estate worth Rs 100 crore in Tirupati, multi-storey buildings in Hyderabad valued at Rs 500 crore, hotels and clubs worth Rs 400 crore in Dubai, and other businesses in 43 locations in India and abroad.

In 2017, Shaikh who claims to be a die-hard fan of PM Modi floated All India Mahila Empowerment Party. Candidates from the party contested in the recent assembly elections in Karnataka but failed to win even one seat.