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20k crore scam : Nowhera Shaikh of ‘Heera Gold’ used services of ‘Ulema’ to dupe investors

L-R, Moulana Meraj Rabbani of Uttar Pradesh, Ms Nowhera Shaikh, Moulana Arshad Basheer Madani,  and Maulana Jalaluddin Qasmi

By Muslim Mirror Staff, 

Hyderabad: One of the biggest scams in non banking sector involving over 20 thousand crore rupees which is unfolding  gradually  indicates the dubious role of Muslim clerics involved in the scam. It’s confirmed now that Nowhera Shaikh of Heera Group  used the services of Ulema and religious scholars to lure  insusceptible people to invest their hard earned  money into her different companies.

After her arrest on Tuesday by the Hyderabad police on charges of allegedly cheating thousands of investors, many of them now revealed that they were “impressed” and “trusted” by seeing a galaxy of Ulema at the group’s programmes and functions.

Besides always invoking the name “Allah” and Islamic teaching, Nowhera Shaikh’s other modus operandi to trick the potential investors was to demonstrate that the group had the patronage of  clerics and theologians. .

The names of certain ulema religious scholars have been mentioned in the context of the Heera Group investment scandal. Even one of the victims has told the Hyderabad police that he had made huge investments with the group based on the statements of the ulema.

According to Deccan Chronicle, an investor, Mohammed Abdul Majeed, whose statement was recorded by the Central Crime Station as a witness, said that he was inspired by the “Islamic talks and halal trading in the name of Islamic Shariah by Ms Nowhera Shaikh, Moulana Meraj Rabbani of Uttar Pradesh, Moulana Arshad Basheer Madani,  and Moulana Jalaluddin Qasmi etc”. 

According to the police, Heera Group is a consortium of more than 15 companies having branches in India and abroad and it has also more than 160 bank accounts across India.

Majeed said he had invested Rs 28 lakh with Heera Retail, Hyderabad Pvt Ltd and Rs 2.5 lakh in Heera Gold Exim Ltd. Ms Shaikh has allegedly collected huge amounts from Indians and from NRIs by establishing corporate offices there.

After his revelation, these Maulanas may come under the lens of Police who without realizing her real intent endorsed the Heera Group products.

Shahbaz Ahmed Khan, who has been taking cudgels on behalf of the helpless investors and also formed an informal body called the Heera Victims Association, said many people had complained that they had trusted Nowhera Shaikh by seeing the galaxy of ulemas.

Nowhera Shaikh, who was the managing director of Heera Group of Companies, has been accused of collecting hundreds of crores of rupees from thousands of people across the country. Cases have been registered against her at different places in the country, including Hyderabad, Mumbai, Bangalore and Tirupati. She had also tried to take refuge under politics by launching a political party All India Mahila Empowerment Party (MEP). But the move was more to empower himself than to empower women.

She was arrested following a complaint by one of the victims at Banjara Hills police station in the city.

Initial probe has revealed that she had collected deposits in the name of 15 subsidiary companies. The company operates 160 accounts in different banks in different parts of the country.

According to Shahbaaz Ahmad Khan who is fighting for the victims the scam involves ‘over 50k crore INR’.

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