Heera Gold News - April 11, 2019 - In the Heera Group of Companies cases, the two Marketing Executives of Heera Group, Abuzar Ansari Mohd. Yousuf and Mohd. Salman Ansari Abuzar, applied for anticipatory bail which was rejected by Honorable Justice B.S. Mahajan (Additional Sessions Judge - 2), Malegaon.
The applicants' lawyer argued that both Abuzar Ansari Mohd. Yousuf and his son Mohd. Salman Ansari Abuzar were employees of Heera Group of Companies and that the investors who had invested through actually invested in the company, and being employees of a company, they (Abuzar Ansari and Salman Ansari) cannot be held liable if the company defaults in paying back its investors.
The public prosecutor argued that several other cases are registered against Heera Group of Companies in several cities throughout India, and that the Marketing Executives played a key role in inducing investment into the company by the way of convincing people to invest in the company.
The public prosecutor argued that several other cases are registered against Heera Group of Companies in several cities throughout India, and that the Marketing Executives played a key role in inducing investment into the company by the way of convincing people to invest in the company.
After listening to the arguments of both sides, Honorable Justice B.S. Mahajan (Additional Sessions Judge - 2) rejected the bail application and the following is noted in his order dated April 11, 2019:
"There is substance in the argument advanced by the learned APP. The investors are not acquainted with the company and believing the words of the applicants, they have invested their money. Now the applicants cannot avoid their liability. It is pertinent to note that considering nature of the offence, custody of the applicants is essential. Apparently, investors have been deceived for huge amount and for protecting their interest, thorough investigation is required and for that purpose custody of the applicants is essential. Thus, I pass the following order: Application is rejected."
Sources reveal that the Direct Selling Agents and Marketing Executives earned hefty commissions against investments that came to the company through them. The Managing Director of Heera Group of Companies, Nowhera Shaikh, had been arrested on October 15, 2018, by CCS, Hyderabad, and there are more than 22 cases registered against her throughout India.
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