Ponzi scam: ED attaches Nowhera Sheikh's properties worth Rs 299 crore


New Delhi, Aug 16 (IANS): The Enforcement Directorate on Friday said it has attached properties to the tune of Rs 299 crore of Nowhera Sheikh of Heera Group including 96 immovable properties spread across several states in its probe into the ponzi scam.

An ED official said here that the agency has attached properties to the tune of Rs 299.99 crore under the provisions of money laundering act. The official said that it has attached properties of Sheikh consisting of 96 immovable properties located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth Rs 277.29 crore in the form of agricultural lands, commercial plots, residential buildings, commercial complexes and balances in bank accounts worth Rs 22.69 crore.

The ED has filed a case of money laundering on the basis of FIRs registered by Central Crime Station, Hyderabad, Telangana and Andhra Pradesh Police against Sheikh of Heera Group of Companies and others on the allegation of illegally collecting deposits from lakhs of investors under the guise of high returns.

The official said there are multiple FIRs registered across the country against Heera Group of Companies. He said during probe it was found that Sheikh incorporated multiple companies under Heera Group of Companies and collected an amount of approximately Rs 5,600 crore as unauthorized deposits from around 1,72,000 investors (IBG Members) across the country by engaging a network of marketing executives and direct selling agents with a false promise of paying high rate of returns i.e. 3 per cent per month (36 per cent per annum).

"She floated multiple schemes and extensively advertised the schemes to lure the victims. For this purpose, Sheikh started 24 firms or entities under Heera Group and 182 bank accounts were opened in different banks at different parts of the countries in the name of these 24 entities," the official said.

Further 10 bank accounts were also opened in foreign countries such as UAE, Saudi Arabia etc. For collecting these deposits, Sheikh does not possess any valid permission either under Banking Regulation Act, Companies Act, RBI Act or from any other government agency such as SEBI for collecting deposits.

He said Sheikh started gold, food and textile trading businesses only to create the impression that she was earning legitimate profits, but in reality, the payouts to the new members were simply being funded from the cash flows generated from new members/investments.

"The volume of business in her gold, textile and food marts was miniscule and not sufficient to justify the high returns promised by her," he said. The official pointed out that during the probe it was also found that Sheikh along with her family members and close associates diverted the depositors' money to their personal accounts and amassed huge movable and immovable assets for wrongful personal gain.

"The diverted funds were further layered into various shell companies and in the form of 'benami' assets so as to ultimately cheat lakhs of innocent victims and to launder these crime proceeds for personal benefit," he said.

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Comment on this article

  • NN, NN

    Mon, Aug 19 2019

    In most cases the wives are innocent. Husbands use them for their illegal deals. She probably does not know that she owns so much property. She looks like a scapegoat. Don't send a innocent person to jail.

    DisAgree Agree Reply Report Abuse

  • kateel pai, vitla

    Sat, Aug 17 2019

    Like being fanatic, cheating knows no religion. People need to learn being Human.

    DisAgree Agree [10] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangaluru

    Sat, Aug 17 2019

    These criminals and cheats should not be spared for any reason.

    DisAgree Agree [20] Reply Report Abuse

  • Sanjay, Hebri

    Sat, Aug 17 2019

    These type of cheaters will be till people get themselves cheated....

    DisAgree Agree [12] Reply Report Abuse

  • Azeez Vittal, Dubai

    Sat, Aug 17 2019

    After reading most of the comments, we can realise that, u guys have very pathetic state of mind.When person like malya, chanda kochar, nirav modi,lalit modi etc had invloved in fraud activitiy,u didnt blame their communtiy, but when it comes to a muslim, u generlise and make derogatory statement about women and children.Bunch of educated hatemongers.....

    DisAgree [36] Agree [33] Reply Report Abuse

  • MM, Mangalore

    Sat, Aug 17 2019

    thank God they are only 3-4%. Otherwise these communities are warmongers. 1st 2nd and now 3rd under all set go nearly.

    DisAgree [7] Agree [17] Reply Report Abuse

  • H. Almeida., Bendur/Andheri

    Sat, Aug 17 2019

    Touch wood !!! That the Christian community, have till date, not yet picked up, these pious, glorious, skills of creativity..... churning out, instant wealth !!!!!!!

    DisAgree [10] Agree [10] Reply Report Abuse

  • Dylan, Mangalore

    Sat, Aug 17 2019

    Think that they are naive but behind the burka they are really smart.

    DisAgree [10] Agree [36] Reply Report Abuse

  • Rita, Germany

    Sat, Aug 17 2019

    Shame to the person who cheats others and enriches herself.Is it the same teaching she is practicing what in her religious books says ?I ask myself why floods come where only poor people ,struggle and loose their roof and everything.?she should be taken to task by officials.

    DisAgree [2] Agree [24] Reply Report Abuse

  • Gabriel Lewis, Brahmavar

    Sat, Aug 17 2019

    Muslim women are smart. They usually don't work but once they step in to the budiness, they can out smart anyone.😲😲
    Kudos to the lady for her entrepreneur skill but in an illegitimate way.

    DisAgree [7] Agree [31] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Aug 16 2019

    my God rs. 299 crores of wealth???????? where did u keep?????????your all sweat & intelligence is gone in da wind.

    DisAgree [3] Agree [23] Reply Report Abuse

  • YOGI THUNTA, MANGALURU - NEAR PUMPWELL CIRCLE

    Fri, Aug 16 2019

    how come these believers in one GOD ? PONZI and SHARIA ? UMMMM ? NO i cant digest

    DisAgree [15] Agree [32] Reply Report Abuse

  • Thousif, Manglore, Bolar

    Sat, Aug 17 2019

    Ask same question to maly Lalit Modi may be they are not following hindu religion properly..and Thse 3% people are jumping too much here backstaber should never trust them ..

    DisAgree [2] Agree Reply Report Abuse


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