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Saturday, March 02 2024
Shivamogga

Heera Gold Ponzi scam: CJM orders five-day police custody for accused Nowhera Sheikh

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heergold 2

Shivamogga: President of All India Mahila Empowerment Party and founder of Heera Gold of Companies, Nowhera Sheikh, who was alleged of cheating thousands of people of doubling their investments, was produced before the Chief Judicial Magistrate, here on Monday, July 29.

After going through the case, she was remanded to a five-day police custody.

It can be recalled that one of the victim of this ponzi scam, Mohammad Atik had filed a case with the CEN Police Station earlier alleging that Heera Gold founder Nowhera Sheik had assured him of 3 percent profit in couple of months of investing money in the company. Believing her, he had invested Rs 25 Lakh in the form of five bond, each of Rs 5 Lakh.

As he had observed that he had not got the expected returns from couple of months, he filed a complaint with the CEN Police.

Based on this, she was nabbed in Delhi by the police and brought to the district yesterday i.e, on Sunday, July 28 and produced before the court today. The police had requested to retain her in police custody for one week.

According to the court proceedings, lawyers in favour of Nowhera put forth their version before the Chief Judicial Magistrate and said that she is diabetic and needed care. 

The lawyers had then requested the court to apply Section 406 and term it as a civil case instead of Section 420.

Nowhera in her assurance to the Chief Judicial Magistrate said, “As the money was deposited through online process, I had not personally seen or met the investor. Hence, there are no chances of investors personally meeting me. I’ll go through the documents of the investors and I’m ready to return the money.”

After hearing both sides, Senior Civil Judge and CJM, Lakshminarayana Bhat K ordered to take the accused Nowhera Shaik into police custody for five days.

Heera Gold Ponzi scam: CJM orders five-day police custody for accused Nowhera Sheikh
Heera Gold Ponzi scam: CJM orders five-day police custody for accused Nowhera Sheikh
Heera Gold Ponzi scam: CJM orders five-day police custody for accused Nowhera Sheikh
Heera Gold Ponzi scam: CJM orders five-day police custody for accused Nowhera Sheikh

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