Kozhikode: Nowhera Sheikh, head of Heera Gold Exim, the company that siphoned off huge sums of money from investors far and wide, committed all the fraud without any licences of Reserve Bank of India, according to police.
Investigators say she channelised overseas funds evading revenue intelligence and national security agencies. The magnitude of the fraud is yet to be assessed.
The money came from Kuwait, Ghana and many other countries without RBI clearance.
The amount mobilised illegally from the state itself is around '300 crore, according to police.
Though police had seized '85 lakh allegedly belonging to the business group from Hyderabad from hawala racketeers, the case though registered, left midway without proper investigation.
Police froze 20 bank accounts of Heera Gold Exim earlier to which the funds of investors from Malabar had deposited.
Ms Sheikh, the head of the company, had aired threatening videos against the complainants warning that those who approach police with complaints of cheating will lose the amount. Police had received complaints of fraud to the tune of '20 crore against the Kozhikode branch of the company alone.
