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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.


Violence in Munger again, SP office, police station attacked




Angry over the Munger firing incident in Bihar, a mob of several hundred people set police vehicles on fire and vandalised property at the Purab Sarai police station here and at the SP office on Thursday afternoon.

The Purab Sarai police station was also set on fire.

The situation was tense in Munger on Thursday as all shops in the district remain closed. Keeping in view the tense situation, the Election Commission has removed Munger district magistrate Rajesh Meena and SP Lipi Singh.

Additional Chief Electoral Officer in Bihar, Sanjay Kumar Singh, confirmed the removal of these two officers. New officers will be deployed soon, he said.

On Thursday afternoon, a large number of local residents assembled at the SP office and shouted slogans against the Munger police. They alleged that the Munger police had opened fire on Durga devotees at Deen Dayal Upadhyay Chowk on Monday night that left one person dead and several others injured.

Following that incident, a video also went viral where policemen are seen baton-charging devotees who were seen taking shelter around the idols in a bid to save their lives.

Earlier, Munger Chamber of Commerce called for a ‘Bandh’ on Thursday and its representatives and president Krishna Kumar Agrawal were seen asking traders to shut their shops.

Additional paramilitary forces were also deployed to restore peace.

The Election Commission has asked Bihar police to conduct an inquiry with a team headed by an IG-rank officer and submit its report in the next one week. Bihar police has constituted a probe team headed by Magadh range IG.

Earlier in the day, Rajesh Meena, the DM of Munger said that the district administration had not given any direction to forcibly deal with devotees during immersion of Durga idols.

“Since the matter was very serious and lapses are found, we have suspended SHO of Muffassil police station and in charge of Vasudevpur. Preliminary investigation reveals that there is a conspiracy of anti-social elements and they will be nabbed soon,” he said.

National Commission of Children also took cognisance of this matter and asked the SP to submit a report within 48 hours on Wednesday.

The Munger incident has taken political colour over the alleged police brutality.

Opposition leader Tejashwi Yadav of RJD and LJP’s Chirag Paswan have attacked Chief Minister Nitish Kumar for his failure to control the situation.

Both the leaders compared this incident with the Jallianwala Bagh massacre.

Tejashwi wanted to know who gave orders to the police to fire at the devotees.

“Nitish Kumar, who is also holding home ministry is in the role of General Dyer. What was he doing when his police brutalised the devotees? Can he and (Deputy CM) Sushil Modi explain it?” Tejashwi said.

Chirag Paswan said: “Ma Durga will kill this ‘Mahisuri’ (demonic) government on November 10, the day of election result. It would not justify if we call this incident just shameful. In fact, police committed this brutality on the direction of this ‘Mahisasur’ government.”

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IPL betting racket busted in Delhi, 3 nabbed




An Indian Premier League (IPL) gambling racket was busted and three persons were arrested by Delhi police in Kotla Mubarakpur area of south Delhi.

The police on Wednesday received a tip-off about an IPL betting racket operating at Saini Basti in Kotla Mubarakpur.

“At nearly 10.33 p.m. a raid at a house in Saini Basti was conducted after complying with all the legal aspects,” said Atul Thakur, DCP, south Delhi. Three persons were apprehended on the spot while they were operating the gambling racket through their phones.

The apprehended persons were identified as Ashish Gupta, Yogesh and Himanshu Rawat.

“As many as five mobile phones, three registers with entries amounting to Rs 60,000 and Rs 26,000, previous entries worth more than Rs 3,50,000 and a pen were seized. IPL teams for betting included Mumbai Indians and Royal Challengers Bangalore,” the police official added.

The police has registered a case under the Delhi Public Gambling Act.

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NCW takes suo motu cognisance of alleged rape attempt of patient on ventilator




The National Commission for Women (NCW) on Thursday took suo motu cognisance of media reports about the alleged rape of a 21-year-old patient while she was on ventilator support in the ICU of a private hospital in Gurugram.

“The Commission is perturbed by the reported incident and is concerned about the safety and security of women,” said a statement issued by NCW chairperson Rekha Sharma.

“Concerned with such increasing crimes against women, the Commission has written to Commissioner of Police, Gurugram seeking adherence to guidelines of Ministry of Home Affairs of completing probes in two months in cases of sexual assault,” the statement said further.

The Commission has also sought a detailed action taken report in the matter from the police.

The Commission is perturbed by the reported negligence of hospitals and the lack of measures to ensure safety of women.

The NCW has written to the Managing Director and CEO of the concerned hospital for taking necessary action to avoid recurrence of such incidents in future.

The hospital administration has also been directed to send an action taken report in the matter.

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