Before anything, Nohera Shaikh was a daughter of a vegetable vendor. As she grew up, she started teaching small children how to read the Quran in various (female) madrassas in a Tirupati. Later on, she started collecting money from the local people in her area promising them monthly payments at such an interest rate that would double the amount of the capital investment in a year’s time. All of this was done without an office in a small remote town in Andhra. Nowhera said that she deals in gold, and people trusted her as she was also involved in teaching kids how to read the Quran.
As the investments grew, the need to sustain it brought in more people to join in to become Core Members of Nowhera Shaikh’s so-called business, and so the business (Ponzi) began to expand. Nowhera Shaikh's brothers Ismail Shaikh and Abdul Rahman Shaikh started to participate in helping Nowhera expand this so-called business. Availability of money subsequently gave rise to the idea of actual gold trading, Ghana.
During those times, buying gold dust from Ghana, illegally exporting it to other countries, selling it for a margin, converting the profit into Gold, and bringing it back to India was a lucrative trade even though illegal. Hawaala was used for money transactions in and out of India. This Ghana Gold Trade was the initial business idea propagated against investments collected, which helped Nowhera Shaikh and her brothers and other family members establish a name for themselves.
The story Nowhera Shaikh and her aids put out was that Nowhera Shaikh owns a company named Heera Gold, and Heera Gold had a contract with Ghana government which helped them get gold in a cheaper rate from Ghana, i.e., 4.5% discount on the daily rate of gold in Ghana. They would then sell the gold they purchased on a 1.5% discount from the day’s rate to renowned companies established in the Gulf, such as D-Damas and other credible gold refining companies. They also used to mention that D-Damas specifically had a capacity to buy and process 500 kg of gold dust on a daily basis, and this made the business seem huge.
Nobody questioned as to why couldn’t a company such as D-Damas get into a similar contract with Ghana Government. Nowhera Shaikh’s ability to mesmerize people played an important role in achieving success in inducing people to invest on her trade. Ponzi took off, and the regular returns stopped all questions that could have risen.
Huge money started pouring in in the name of Ghana Gold Business, and the first of offices in the name of Heera Gold were opened in Mira Road, Thane, in the year 2007. One Mr. Farid was the incharge of this office. In the year 2008, Salim Ansari (one of the first operators) opened an office in Bhindi Bazar.
Dr. Rizwan Shaikh used to work in that office, and his wife Roshanara worked as a Marketing Executive there. In the year 2016 to 2017, Dr. Rizwan Shaikh’s son became an ME. Nazneen of Jeddah is a Pakistani Citizen, who also has been with Heera Group since the beginning.
Until 2010, none of the companies that Nowhera Shaikh established were registered - Exposing the lie that Nowhera Shaikh had been stating all the while, "I have been doing this business for over 20 years." Another lie was that she was an Aalima (Islamic Scholar), and the Doctrate in Business Management Philosophy also proved to be a lie.
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