Hyderabad: Papers missing in Heera Group case

Hyderabad: Founder of the Heera Group, Dr Nowhera Shaikh claims the group had a turnover of Rs 5,000 crore in the last seven years, but she has produced no documents to prove her claim.

Dr Shaikh also claims to have received 90 per cent profit from all the businesses of the Group, said investigators who are probing the money circulation scheme case booked against Dr Shaikh.

Investigators from the central crime station said that Dr Shaikh has paid Rs 55 crore as Income Tax last year; however, she has failed to show her assets and ways of earning income. 

She also claims to have owned a gold mine in Ghana, but no relevant documents pertaining to the sale of gold was shown by her.

“The turnover of her companies was shown as over Rs 800 crore in the last year, with the claim that all businesses have yielded about 90 per cent profit and she has paid 36 per cent profit to people who invested in her companies under various schemes,” said a senior police official from the detective department.

The activities of the Heera Group have been under the scanner for a long time and several law enforcement agencies have been trying to identify the business methods of the group. 

Though she heads about 15 companies across the globe, Dr Shaikh does not use a mobile, the official said. “Agencies like the Serious Fraud Investigation Office (SFIO), Enforcement Directorate and Income Tax are trying to find out the businesses done by the Group,” said the official.

A petition has been filed by investigating officials in the Nampally court seeking custody of Dr Shaikh for the purpose of probing the sources of her income. 

Arguments were postponed to Tuesday.

Responding to a query, the official said: “Investigations are underway to find out if the money earned by the company has come from hawala business, money circulation schemes or funded by anti-national organisations.”