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The Chandrayangutta police have booked a case against Heera Group of Companies Managing Director Nowhera Shaikh and others for allegedly duping an elderly person Sayed Husan Shah by failing to return the amount he had invested in the company.

In his complaint, 70-year-old Shah, a resident of Kummarwadi in Chandrayangutta, said he had deposited Rs 30.6 lakh in the company in six installments through the Barkas branch of a nationalised bank after getting assurance that a monthly profit would be given to him.

The company gave profits up to March 2018 and stopped. Whenever Shah visited the company office requesting to refund the amount, the staff dodged him saying the money would be paid next month. After the company stopped paying money, he was facing problems in paying rent and to manage other expenses.

Shah was also unable to meet his medical expenses. He went to the company office in Banjara Hills and demanded to return the amount. But, the staff replied that they would not repay the amount. When he enquired with them whether the company had any permission from the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and other agencies, there was no reply.

Shah said he came to know that Shaikh was holding benami properties in Shaikpet, Tolichowki, Masab Tank, and other places, and requested the police to ensure that the money he had invested was returned to him.

Based on Shah’s complaint, the police booked a case against Shaikh under Sections 420 (Cheating) and 406 (Criminal Breach of Trust) of Indian Penal Code (IPC) along with provisions of Telangana Protection of Depositors of Financial Establishments Act-1999 and took up investigation.
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