There are three states in which Heera Group has its properties - Maharashtra, Telangana, and Karnataka. Maharashtra has the maximum number of noncomplainants (over 500 crores). Two competent authorities have been attaching properties of Heera Group, one in Mumbai and the other in Telangana.
Competent authority of Mumbai has only 44 crore worth property and 21 crore worth cash in bank. Competent Authority of Telangana has around 250 crore worth property attached.
*Maharashtra*
- Complainant Amount: 34 Crores
- Property & Cash: 44 + 21 = 65 Crores
Noncomplainants: 500 Crores ++
*Telangana*
- Complainant Amount: 20 Crores.
- Property: 250 Crores ++
Noncomplainants: 100 Crores
From what I can make out, Heera Group is thinking to settle Maharashtra by using the 44 crore property and 21 crore bank account when the total outstanding in more than 550 crore minimum. If they manage to settle Maharashtra, then they dump the 500 Crore noncomplainants of Maharashtra. And Telangana can be easily settled because of the less number of Investors and more worth of properties in Telangana.
Heera Group will save at least 300 crores at the cost of Maharashtra noncomplainants, and all noncomplainants of Maharashtra will be left at the mercy of Nowhera Shaikh.
If Nowhera Shaikh comes out and does not pay, who will be held responsible then? And what about investors of other states such as Gujarat, Rajasthan, Kerala, Uttar Pradesh, Jharkhand, Delhi? What about the NRIs of UAE, Saudi, Kuwait?
Regardless, agreeing to pay amounts to agreeing of having had taken deposits, which means *guilt admitted.*
The endgame has begun. Go register your claims.
Y. Sayed
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