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Allegation And Interim Bail- Nowhera Shaik

Dr Nowhera Shaik was born in modest circumstances. Shaik Nanne, Shaik Bilkis, and Nowhera were the parents of Nowhera Shaikh. At the age of 19, Nowhera started teaching at Madrassa because she was passionate about education. She started her teaching career with six students, but it soon grew to 300 students.

Later, she was exposed to Gold Trading, which was pivotal in her entrepreneurial journey. Nowhera Shaikh was a Madrassa teacher, and she kept in touch with many women from the area. Nowhera would often purchase jewelry from a Goldsmith and then sell it to other women in the village. It was her Business Module.

In 1997-98, she created a women’s group that would invest in her plan. She would share the profits with all members of the group. Nowhera was happy with the results of her business module, and she decided to start a company to manage it on a larger scale.

Nowhera was named to her first company as “Heera Gold” In 2012, she was granted a Private Limited Company Registration. Nowhera became the founder and CEO of Heera Groups of Companies. Nowhera also employed her relatives. Her brother Ismail (42) and her sister Mubarak (39) joined her as employees to assist Nowhera Shaik.

Allegation On Nowhera Shaik:

Her enemies have accused her of running a Gold Ponzi scheme, where they claim to have received a return of 36% – 42%. She is also accused of defaulting on payments and mismanaging funds.

During the investigation, it was discovered that Heera Groups Gold Scheme had lakhs of investors. However, only 25-30 investors made complaints to Central Crime Station. This resulted in an FIR.

They claim that the company cheated more than 1.72 million clients is false. The prosecution was unable to produce 20 receipts for scams totalling 500 crores during the hearing even though the receipts were only of 3 Lakh rupees.

Dr Nowhera Shaikh requested that 1.72 million people be redressed for their losses. The list of complainants only includes 30 names. Media reports are misleading.

After the Interim Bail from The Supreme Court:

Dr Nowhera Shaik spoke at her first press conference in Hyderabad’s Banjara Hills after granting the interim bail. The press conference was restricted to media personnel. Nowhera smiled and seemed confident during the press conference.

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