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SEBI Confirmed Heera Gold In Ponzi Scheme,  ED, SFIO And EOW Probing The Case




Heera Gold also is known as Heera Islamic Business Group has been shut down completely in many places in India. Thousands of investors, who lost their money, tried to file an FIR in various police stations but only their NC got accepted against the group. It is confirmed by Securities and Exchange Board of India (SEBI) for running multilevel marketing (MLM) scheme or known as Ponzi Scheme. As the activities of this company is beyond the purview of RBI and SEBI, which is why the case has been referred to Enforcement Directorate (ED), Economic Offences Wing (EOW) and Commissioner of Police in Hyderabad.

Talking to Mumbai Press, several investors in Mumbai shared their sad story for investing money in Heera Group. These people also claimed that Heera Group has taken an undertaking from them, i.e; if the company faces a loss then it won’t be responsible at all for the investor’s money. According to the legal advisor, in such a situation it would a tough task for the agencies to take actions against the company.

Recently, Business portal (Moneylife) has sent an email to market regulator’s Hyderabad office in relation to Ponzi scheme run by Heera Gold. Regulators in a reply said, “Upon examination into the matter, it was found that the activities of Heera Group are in the nature of Ponzi Scheme. Further, the nature of activities of Heera Group was also discussed in the meetings of State Level Co-ordination Committees (SLCC) of Andhra Pradesh and Telangana, which are headed by Chief Secretaries of the respective states. It was decided in the meetings of SLCC that the activities of Heera Group appear to be beyond the regulatory ambit of SEBI and RBI and the case would be taken up for investigation by relevant authorities such as CID-EOW, and Serious Frauds Office of India (SFIO). Accordingly, SEBI had already referred the case to CID-EOW, Enforcement Directorate, Commissioner of Police-Hyderabad.”


The Email reply further says,  “As the matter is presently being handled by Central Crime Station-Hyderabad, SFIO-Telangana, and Enforcement Directorate-Hyderabad”.

Heera Group is founded by Nowhera Shaik who claims that her company is into gold trading and does business all over the world. Over the four years, the enforcement actions weren’t been taken at all on Heera Group. This is the reason why the company has grown rapidly due to its multilevel marketing (MLM) scheme.


Earlier, Nowhera Shaik has contested for Karnataka Elections and spent crores for her party promotions. She was defeated in elections and lost crores of money. This is when, she changed her profit-sharing scheme to quarterly basis, which was earlier monthy basis. For this scheme, she mainly targeted Muslim community people in the name of Allah and run her business.

Recently, several investors from Hyderabad, Pune, Aurangabad, Mumbai, from Maharashtra and Karnataka reached Heera Gold’s central office in Hyderabad. Instead of entertaining them, the staff has closed down the office doors. She even released a video clearifying her stand but it looks like the investors money is all gone.


Oxygen black marketing racket busted in Kanpur




The crime branch of the Kanpur Police Commissionerate has busted oxygen black-marketing racket and recovered 51 cylinders.

The gas agency owner in Govind Nagar area of the city has been arrested.

According to DCP (crime) Salman Taj Patil, investigations revealed that the agency owner was involved in black marketing of oxygen cylinders.

“Working on the complaints of black marketing of oxygen cylinders, we zeroed in on the gas agency owner near Nad Lal crossing in Govind Nagar area,” said Patil.

The police seized nearly 51 big and small oxygen gas cylinders from godown and took agency owner, Jaswant Singh, into custody for questioning.

“We are seeking ledger details from him regarding sale and purchase of Oxygen cylinder in past few days. He will be booked under relevant sections of the IPC if charges against him are found to be true,” the police officer said.

Following the incident, City Police Commissioner Asim Arun warned against the hoarding, illegal buying or selling of oxygen cylinders.

The Kanpur unit of Special Task Force (STF) had, on Thursday last, arrested three people with 265 Remdesivir injections meant for sale in black market.

“Traders are cashing in on the virus ‘panic’ by jacking up prices of the product,” said an official.

He further said that some of these cylinders were being sold to Covid-19 patients under home quarantine at exorbitant prices.

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Kerala solar scam accused Saritha Nair arrested




The Kasaba Police officials from Kozhikode district of Kerala on Thursday early morning took into custody Solar scam accused Saritha Nair from the state capital city for failing to appear before the court, despite warrants being issued to her.

The warrant was issued by the Kozhikode Chief Judicial Magistrate Court -3 in a case of cheating committed by her when she took money from a person but failed to deliver solar panels to him.

This court had earlier asked her to appear before them on February 25, but she failed to do so and the police later on Thursday will produce her before the court, as she is now being taken to Kozhikode.

Incidentally Saritha can take the credit for bringing down the 2011-16 Oommen Chandy government on account of the scams involving her and a few office members of the Chandy office, which the Left used widely in their election campaign in 2016.

This case in which she has been arrested was registered during the tenure of the Chandy government and according to reports there are around half a dozen similar cheating cases registered against her starting from 2012 at various police stations in Kerala.

At the fag end of the present Pinarayi Vijayan government she is creating heartbreaks to the present administration in an alleged fake appointment racket case, in which one person has already been arrested.

State Excise Minister T.P. Ramakrishnan on Wednesday flatly denied having any dealings with Solar accused Saritha Nair.

In the fake appointment case, where money was collected from various people promising them a job at the state-run Kerala State Beverages Corporation (Bevco), the police have already arrested a partner of Saritha Nair.

On Wednesday, an audio clip believed to be that of Saritha Nair surfaced wherein she is heard talking about the role of Ramakrishnan and the then MD of Bevco Sparjan Kumar — a top IPS official.

Flatly denying having anything to do with the fake appointment case, Ramakrishnan said, “Never ever have I had anything to do with such people. Strict action will be taken against any foul play if it has happened in the appointments made,” said the Minister.

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Five of family killed, several hurt as train rams into truck




Five persons were killed and several injured when the Lucknow-Chandigarh express rammed into a truck, a DCM trailer and two motorbikes on the railway track on Thursday morning.

The incident took place in Katra police circle early on Thursday morning and the gateman did not close the railway crossing gate.

The train driver tried to apply the emergency brakes but could not prevent the collision.

Chief Minister Yogi Adityanath has expressed grief over the deaths and has directed the district officials to ensure proper treatment of the injured. He has announced a compensation of Rs 2 lakh each for the kin of the deceased.

Circle Officer, Tilhar, Parmanand Pandey said that the four of the five bodies had been identified. All of them belonged to one family and were on the truck.

District Magistrate Indra Vikram Singh said that the railway track was being cleared so that traffic could resume at the earliest.

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