Hyderabad: The Telangana High Court on Friday refused to stay further proceedings in the cases lodged against Nowhera Shaik and Heera Gold Exim Pvt. Ltd. in police stations across the state for the alleged fraud that the Heera Group committed by collecting crores of rupees from the public with a promise of high monthly returns.The court issued notices to the state government and the police for filing counter affidavits on the issue and adjourned the case hearing by three weeks.
Justice Shameem Akther was dealing the petition filed by Nowhera Shaik, which sought direction to the authorities to forward the complaints lodged by the several depositors to the Serious Fraud Investigation Office(SFIO) in terms of the Companies Act, 2013. The petitioner's counsel told the court that the SFIO was the competent authority to detect and investigate fraud, and not the police department, by invoking various sections of the IPC and the Depositors Act.
“As the petitioner’s company is incorporated under the Companies Act, the agreement between the company and the investors was purely contractual and in accordance with the Companies Act, 2013. The procedure of the CrPC is not to be followed or applied for any alleged civil or criminal wrong committed by a company,” he added and urged the court to declare the registration of FIRs as illegal. Further, the petitioner's counsel urged the court to issue directions to the concerned authorities to forthwith release the petitioner from the prison.