HYDERABAD — The turnover of Nowhera Shaikh’s company Heera Gold was Rs 27 lakh between 2010-11 — the year she started the firm in her hometown Tirupati — but in 2017-18, the turnover increased to Rs 800 crore and the company was standing in several continents. How? After her arrest this Tuesday, the answer is coming out bit by bit. The latest revelation is that the school dropout Nowhera Shaikh used services of some Ulema and got ‘certificate’ of ‘Halal business’ from them to lure susceptible rich Muslims.
Some duped investors have told the police that they made huge investments with the Heera Group based on the statements of the Ulema.
“An investor, Mr Mohammed Abdul Majeed, whose statement was recorded by the Central Crime Station as a witness, said that he was inspired by the Islamic talks and halal trading in the name of Islamic Shariah by Ms Nowhera Shaikh, Moulana Arshad Basheer Madani, Mr Aqil from Jeddah, Moulana Meraj Rabbani of Uttar Pradesh, Moulana Jalaluddin Qasmi and Ms Shahnaz of Mumbai,” says a report in Deccan Chronicle.
The Heera Group, a consortium of 15 companies, would lure investors with promise of huge halal profits and to convince them, it would show the patronage of Ulema.
Further police probe will clear if the Ulema were also cheated by the woman to issue ‘Halal’ certificates or they did so in lieu of money.
Majeed claimed he had invested Rs 28 lakh with Heera Retail, Hyderabad Pvt Ltd and Rs 2.5 lakh in Heera Gold Exim Ltd.
Nowhera Shaikh’s firms would promise investors that they would get 36% interest per year for every 1 lakh rupees they invest. She initially gave the promised money to some investors, only to allegedly cheat them later.
According to Hyderabad police, to evade suspicion, Nowhera had floated 15 companies under different names and cheated investors estimated to the tune of Rs 1000 crores.
According to Sakshi, Nowhera’s parents in Tirupati were vegetable sellers. Though she had not completed school, she has a prefix of ‘Dr’. Resident of Tirupati, Nowhera settled down at Banjara Hills in Hyderabad. She started her venture Heera Group of Companies by collecting deposits in 2010. Today she has her business in several countries like China, Canada, Dubai and states like Maharashtra, Karnataka, Tamil Nadu, West Bengal, Telangana, Andhra Pradesh and Rajasthan.
Last year she had formed a political party by the name of All India Mahila Empowerment Party and unsuccessfully contested the Karnataka Assembly elections in May this year.