Hyderabad: Enforcement Directorate (ED) has filed prosecution complaint against
Nowhera Shaik of Heera Group of companies. Investigation found that
She collected deposits to the tune of Rs 5600 Cr from around 1,72,000
investors across by making false promises of paying high rate of returns.
ED initiated investigations under PMLA on the basis of FIRs registered by Central Crime Station, Hyderabad, Karnataka CID and Andhra Pradesh Police against Nowhera Shaik, Heera Group of companies and related others by the various depositors.
The financial crime carried out through the Ponzi scheme is said to have duped lakhs of investors across several states in India. The central probe agency said on Tuesday that the prosecution complaint was filed under various sections of the Prevention of Money Laundering Act (PMLA).