Pune police book Heera Gold for duping investors of ₹1.65 cr

A case of cheating has been registered against Heera Islamic Business Group, better known as Heera Gold, by the Pune police on Thursday for duping investors to the tune of ₹1.65 crore.

 A case of cheating was registered at the Lashkar police station, based on the complaint by an investor Makhdum Siddhibilal who was alleged cheated of ₹17 lakh, said Chandrakant Bhosale, senior police inspector.

 According to police complaint, two members of Heera Gold posing as investment agents approached the family of Makhdum in March 2016. The ‘agents’ offered to give 35 per cent return on investment and also monthly extra returns. Lured by high return rates, Makhdum invested ₹5 lakh and other members of his family invested ₹12 lakh. Similarly, they approached 10 more people and lured them into investing ₹1.48 crore against 35 per cent.

Makhdum said," My family has invested around ₹17 lakh but as assured we have not received any high returns nor any monthly returns. Now we are worried about our principal invested amount,” Makhdum added. 

 "According to complainant,we have registered a case that Heera Gold promised attractive returns on investments but failed to return the money to the investors," said Bhosale. 

 Earlier, in September 2018, Farzanaunissa Mohammad Khaja filed an FIR under Section 406, 420 of Indian Penal Code (IPC) in Bajara Hills Police Station at Hyderabad. In the FIR she said that her husband had invested ₹25 lakh in Heera Retail Hyderabad Pvt Ltd and has been duped. Many investors of the Heera Islamic Business Group from Hyderabad are protesting the delayed payments from the group.

 Pune police has registered a case under section 420 (Cheating and dishonestly inducing delivery of property),406 (Punishment for criminal breach of trust) and 321 of India Penal Code.