HYDERABAD : Investigation by various agencies into business of Heera Gold Group led by Alema Nauheera revealed that there wer transaction of Rs. 5000 Crores from 164 accounts .
Hyderbad police along with ED and The Serious Fraud Investigation Office Off ( SFIO) are investigating into these cases .Sources said that agencies found evidences that Group Directors transferred huge amounts from company accounts to their personal accounts. It is also reported that those diverted funds from Company were used by Group Directors to purchase properties.
Sources said that diversion of funds from company account to personal accounts is serious irregularity .The investigators also found that the company fund which was diverted into personal account was used for purchasing properties in individual names.
The agencies filed remand application in the court for seeking custody of Alema Nauheera Shaikh .It showed that in her 2014-15 income tax return Alema Nauheera Shaikh’s prime company Heera Gold Exim Ltd posted meagre profit in previous financial year .It was argued that while company did not make huge profits , how it paing 36 % profit to investors ?
The agencies have told the court that all these have been dubious dealings, therefore they require further custody of Heera Group chief to investigate the case further .Lawyers of Alema Nauheera Shaikh however alleged that their client is being targeted on political grounds .They also claimed that the company did all transactions legally .