Three including Nowhera Shaikh arrested in connection with Ponzi scam

6


India
oi-Oneindia Employees

New Delhi, Might 16: Three individuals, together with two girls, have been arrested by the Election Directorate (ED) in reference to an alleged multi-crore ponzi and funding fraud scheme that duped many traders in Telangana, the company mentioned on Wednesday.

It mentioned Nowhera Shaikh, Molly Thomas and Biju Thomas have been positioned beneath arrest beneath the supply of the Prevention of Cash Laundering Act (PMLA) on Tuesday within the case associated to the Heera group of corporations.

They’ve been despatched to 7-day ED custody by a particular court docket in Hyderabad, it mentioned. The three have been already in jail in a police case and the ED sought the court docket permission to take them in its custody.

The case pertains to the fraudulent cash circulation scheme perpetrated by the Heera group in Hyderabad and the ED filed a felony case of cash laundering within the occasion based mostly on a Telangana Police FIR and few different complaints.

“Heera group is accused of fraudulently collecting investments from lakhs of innocent victims on the promise of providing very high returns of about 36 per cent by indulging in gold trading among others.”

“The scheme was unsustainable and the group has defaulted in the repayment of the principal amount and promised returns to its investors,” the company mentioned in a press release.

The accused, it mentioned, fraudulently executed a cash circulation scheme and a number of FIRs have been registered by aggrieved depositors throughout the nation in opposition to Shaikh and others.

ED raids five places in connection with Rs 600 cr ponzi scam

The ED discovered that the accused individuals and their group corporations have collected greater than Rs 3,000 crore from a complete of 1,72,114 traders throughout India on the pretext of investments.

“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,” it mentioned.

Investigations revealed that the group corporations do not need any substantial enterprise exercise by which they will earn the promised income or returns and Shaikh and others have diverted the collected quantities to their private accounts by way of their firm financial institution accounts/benamis for wrongful achieve and amassed enormous movable and immovable properties by utilising the diverted funds, the ED claimed.

It charged that Shaikh operated 24 entities within the title of Heera group and operated 182 accounts in numerous banks in numerous components of the nation.

“10 bank accounts were also opened in countries like UAE and Saudi Arabia,” it mentioned.

Speaking in regards to the function of Biju Thomas, it mentioned he was the MD of Suvan Applied sciences Options India Pvt Ltd, Kerala and “has developed software for the Heera group of companies and all the account details are maintained by his firm.”

Molly Thomas labored as the non-public assistant to Shaikh.

“ED is questioning the accused persons in connection with their different companies, bank accounts and multiple properties identified across the country.Further investigations are under progress,” the company mentioned.

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