Replying to the email sent by terrified investors, the Hyderabad Market regulator accused Heera gold of a Ponzi scheme. The state-level coordination communities also discussed the nature of activities of the Heera group. Moneylife pointed out the Panic between the investors that let them protest in front of the factories at Hyderabad, Bengaluru, and other locations. Central crime station arrested Nowhera Shaik, the managing director of Heera group. Nowhera Shaik, the CEO of Heera Group, promised to pay back the investors and resume her business before she stated that her organization would initiate the payment process after the data center gets released by the Hyderabad Police.
Nowhera Shaik, who happened to be the leader of the All India Mahila Empowerment Party (AIMEP), claimed that her business models were legal, and she paid taxes to the concerned departments.
Nowhera Shaik filed an affidavit claiming that her business will return 16 crores to the Heera Group investors. She will do it in four installments within 16 months. An affidavit filed on Saturday claimed that the company has been grunting dividends to the investor. It also clarified that the business had no intentions to cheat them.
She declared that investors who want to claim their money back need to apply using withdrawal forms of the group.
The company will return about 25% of the amount claimed by the Heera Group investor within four months of submission. In addition, the company officials declared that the accounting department settles within four months from the release of her bail.
The central crime Department of Hyderabad Police damaged the computer and software that had the list of investors. Nevertheless, the company would continue to pay the investors that come to the office and apply for withdrawal forms. This way, all the debts of the Heera group would be settled, and Nowhera Shaik would be able to earn a good name and reputation.