Hyderabad: As reported by Deccan Chronicle, the Enforcement Directorate has begun the process of taking custody of Heera Group managing director Nowhera Shaik, accused of running a Ponzi-like scam by attracting huge deposits, which investigators estimate at Rs 5,700 crore, from nearly two lakh people.
The ED has filed a prisoner transit warrant in the Nampally criminal courts seeking custody of Nowhera Shaik. It will come up for hearing shortly.
Sources said that the Bengaluru police had recently taken custody of Nowhera Shaik in connection with cases registered there and her custody came to an end two days ago after which she is back in judicial custody.
Besides money laundering, the ED will also look into foreign exchange rules violation by the Heera Group, which has operations in the UAE as well. There are nearly 44 cases registered against her in different states.
It is likely that after questioning her, the ED might initiate proceedings to attach her properties under the Prevention of Money Laundering Act (PMLA).
