A 50-year-old housewife from Hyderabad's upscale Banjara Hills area has filed a formal police complaint, alleging she was cheated out of a massive sum of ₹40 lakh by the city-based Heera Group of companies. The complaint, lodged on Wednesday, has led the Banjara Hills police to register a cheating case against the group's CEO, Nowhera Shaik.
The Alleged Investment Fraud
The complainant, identified as Mohammed Salma Fathima of Road Number 10, Banjara Hills, stated that she began investing in the Heera Group's unit purchase scheme back in 2016. She was introduced to the scheme by relatives who recommended the firm. According to her complaint, the company promised attractive monthly and annual dividends to lure investors.
However, the promised payments reportedly came to a sudden halt in 2018. Fathima alleged that she, along with several relatives who had also invested, were left high and dry without any returns. Despite repeated attempts to contact the company for either the promised profits or a refund of her principal amount, her requests went unanswered, leading to the police complaint.
Police Action and Legal Framework
Acting swiftly on the complaint, the Banjara Hills police officially booked a case on December 3. The charges have been framed under specific sections of the new Bharatiya Nyaya Sanhita (BNS). The case has been registered under Section 316(2), which pertains to punishment for criminal breach of trust, and Section 318(4), related to cheating and dishonestly inducing delivery of property.
A police official from the Banjara Hills station confirmed the development and outlined the next steps in the investigation. "We will examine company documents and bank records as part of the probe. We will issue notices to the Heera Group management shortly," the official stated.
Broader Implications and Ongoing Probe
This case highlights the risks associated with investment schemes that promise unusually high returns. The police's decision to book the case under the newly implemented Bharatiya Nyaya Sanhita adds a contemporary legal context to the proceedings. The investigation is now set to delve into the financial records of the Heera Group to trace the trail of the invested funds and determine the extent of the alleged fraud.
The outcome of this case will be closely watched, as it could set a precedent for handling similar financial fraud complaints in Hyderabad and beyond. Investors are advised to exercise extreme caution and conduct thorough due diligence before committing large sums to any investment plan.
