Hyderabad: The Telangana High Court sought to know the status of the investigation in the cases lodged against the Heera Group of Companies and Nowhera Shaik, the MD and CEO of the group.
A division bench comprising Chief Justice Thottathil B. Radhakrishnan was dealing with a PIL filed by Mr Shahbaz Ahmed Khan, president of the Heera Group Victims Association, urging the court to direct the Telangana government to order a CBI inquiry into the misappropriation of funds by Ms Shaik. The court asked the government counsel to get instructions in this regard within two weeks.
Justice Radhakrishnan opined that the arrest of the MD of the companies or other employees was not enough to deal with the problem of depositors when the government counsel said that Nowhera has been arrested. The court also observed that the probe by the investigating authorities should be careful as depositors were from various states.
Counsel for Mr Khan submitted that one community of people were cheated by the Heera Group by attracting depositors who strictly adhered to Shariat laws which prohibits lending of money for interest. Counsel for Ms Shaik submitted that the cases filed by state police under the penal code against her client were not applicable as the companies were registered in ROC.
