Heera Group Fraud | Nowhera Shaik Lies in Supreme Court | States 8000 Investors Paid

Heera Group submitted a fake compliance report of more than 8000 pages in Supreme Court stating that they have paid 8000 investors.  ASG S.V. Raju handed this over to SFIO.  SFIO furnished an Excel Sheet asking Heera Group to enter the records of 8000 investors being paid in this Excel Sheet.  The Excel Sheet has columns which demand Heera Group mention the name of the Bank Account which they used for payment, name of the bank account of the Investor they made payment to, date of payment, transaction number/ID.  In reply, Heera Group's lawyer made excuses before Shri. S.V. Raju and SFIO, stating that Nowhera Shaik was not well and so was not able to fill the Excel Sheet.  To that, Shri. S.V. Raju submitted in his First Report that Heera Group could have used their staff to fill this Excel Sheet but they have not done so.  Shri. S.V. Raju also informed the Supreme Court of India the need for a government-appointed Chartered Accounted to verify their claims of having paid 8000 investors.

The following is a series of images along with text from the images taken from doucments/submissions of both ASG Shr. S.V. Raju and Heera Group in the Supreme Court of India.

ASG Shr. S.V. Raju

Image #1:  Heera Group Affidavit in SC - May 3, 2021:  More than 2000 non-complianants claim have been verified with the help of Go Daddy and have now been paid.  A settlement of gold unit as purchased by investors have bene undertaken with more than 1300 investors as per their liking.

Image #2:  Heera Group Affidavit in SC - June 30, 2021:  Thirteen hundred (1300) investors settled their claim by taking physical gold or gold items.  About 7000 investors have either settled for total or partial withdrawal and the same were paid by cheques from the accounts of the petitioners companies.

Image #3:  Heera Group Affidavit in SC - September 22, 2021:  The petitioner has already provided to Mr. S.V. Raju (Additional Solicitor General) the details of 8 thousand investors with whom the company has made either total or partial settlements. 

Image #4:  ASG S.V. Raju First Report in SC:  Several of these meetings were not attended by lawyers of the accused and so the undersigned also held a separate meeting for the lawyers of the accused when they could not attend the virtual conferences/meetings.  In the meetings, the lawyers for the accused Ld. Sr. Mr. Avtar Singh Rawat & Mr. Sadashiv, AOR were also asked to furnish the information as to who had been paid and the aforementioned Excel Sheet format was also furnished to them.   

Image #5:  ASG S.V. Raju First Report in SC:  The SFIO also received an 8000 pages document from the accused which was not in the format discussed.  The SFIO requested the accused to provide the data to enable the SFIO to verify the documents before the next date of listing, however, the Excel Sheet from the accused is still awaited.  It is pertinent to note that on 18th September 2021 when the lawyers for the accused were asked regarding the data from their side and asked to cooperate, they mentioned that the accused was unwell and hence it would not be possible to streamline the data as requested in the previous meetings/conferences.

Image #6:  ASG S.V. Raju First Report in SC:  IV. That for the purpose of verification of genuineness of payments made to the investors, a Chartered Accountant be appointed who would coordinate with the Investors & the representative of the accused company and SFIO.

Our suggestion is for ASG Shri. S.V. Raju to push for the inclusion the Chartered Accountant in order to verify the claims made by Heera Group.  Nowhera Shaik is asking for the remaining bank accounts to be reactivated only because she intends to take away the balance Rs. 9 crores that is lying in the seized accounts.  It would be great loss to the victims of this scam if this money is handed over to her without verifying her earlier claims of having paid 8000 investors,