ED and Police are harassing me without any proofs: Nowhera Shaikh

Hyderabad: The Enforcement Directorate (ED) has arrested Nowhera Shaikh, Molly Thomas and Biju Thomas under Prevention of Money Laundering Act, 2002 (PMLA) in a fraudulent money circulation scheme of Heera Group, Hyderabad.

The accused were produced before the Metropolitan Session Judge, Hyderabad and MSJ Court granted 7 days of Enforcement Custody to all the accused from Wednesday's onwards.

The ED has Initiated Investigations under PMLA on the basis of FIRs registered by Telangana Police against Nowhera Shaikh, Molly Thomas and Biju Thomas and Heera Group of Companies. Heera Group is accused of fraudulently collecting investments from lakhs of innocent victims on the promise of providing very high returns of approximately 36% by indulging in gold trading, etc., The scheme was unsustainable and the group has defaulted in the repayment of the principal amount and promised returns to its investors.

The accused are fraudulently running a money circulation scheme. Multiple FIRs have been registered by the aggrieved depositors across the country against Nowhera Shaikh and others. During the course of ED investigation, so far, it is revealed that the accused persons and their group companies have collected more than Rs 3,000 Crore from 1,72,114 investors across India on the pretext of investment. Deposits were also collected from victims in Hyderabad, Telangana, Andhra Pradesh, Kerala and other states in India and also from NRIs in UAE, Saudi Arabia and other Middle East countries, the ED said in a press release today.

Investigations revealed that the group companies do not have any substantial actual business activity by which they can earn the promised profits/returns. Nowhere Shaikh and others have diverted the collected amounts to their personal accounts through their company bank accounts/benamis for wrongful gain and amassed huge movable and immovable properties by utilizing the diverted funds. Nowhera Shaikh opened 24 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. Further, 10 bank accounts were also opened in foreign countries such as UAE, Saudi Arabia, etc.,

Biju Thomas, MD of Suvan Technologies Solutions India Pvt Ltd, Kerala, has developed the software for the Heera Group of Companies and all the account details are maintained by his firm. Molly Thomas worked as the PA to Nowhera Shaikh and assisted her in carrying out the above criminal activities. ED is questioning the accused persons in connections with their different companies, Bank Accounts and multiple properties identified across the country.

Further investigations are under progress, the ED said.