Hyderabad: Accused of running money circulation schemes, Dr Nowhera Shaik, founder of the All India Mahila Empowerment Party and CEO of Heera Group of companies, was arrested by the economic offences wing team of the detective department of Hyderabad on Tuesday.
Nowhera had recently announced that the party would contest all 119 Assembly constituencies in the forthcoming elections in Telangana. She has been heading 15 companies, including a few run from Dubai and the UAE. A case was registered, following a complaint against Nowhera at the Banjara Hills police station that she has collected huge amounts from people on the pretext of providing 36 per cent returns per annum, and failing to keep he promise. The case was transferred to the Central Crime Station for effective investigation, and on Tuesday she was brought to the city from Delhi on a transit warrant and produced in the Nampally court for judicial remand.
Speaking to the media, Hyderabad city police commissioner Anjani Kumar said, “Nowhera faces allegations that she was involved in collection of deposits and investments from people on the promise of 36 per cent returns per annum on the invested amount. Several thousand persons deposited huge amounts, but she failed to give the returns. The probe revealed that Nowhera heads 15 companies under the Heera Group. She has 160 bank accounts in her name, and these could have been used to deposit the money collected from the public.
“The exact number of depositors is not known yet and the money collected by her group could be over hundreds of crores of rupees.”