Court seeks Telengana’s response In Heera Gold scam


The Telangana high court on Tuesday directed the state government to specify its stand on a public interest petition filed by the depositors’ association which sought transfer of probe to the Central Bureau of Investigation (CBI) in respect of Heera Gold deposits scam allegedly perpetrated by its founder Nowhera Shaik. The petitioner’s counsel told the court that the company enlisted only Muslims as depositors and defrauded them. “As many as three lakh Muslims all over India have been cheated,” he said. As Islamic law prohibits the concept of interest on deposits, the company lured Muslims with other incentives that cannot be called as interest. “Nowhere Shaik ended up committing a huge deposits collection scam that runs into Rs 50,000 crore,” he said. The bench sought the response of the state government as the depositors were spread all over the country. The case will come up for hearing after two weeks.