Nowhera Shaikh : Single mother in burqa ran multi-state Ponzi scheme worth crores

This same Nowhera Shaikh wanted to build Islamic University near holy Hindu place of Tirupati Tirumala ! – Editor, Hindujagruti

Mumbai : She started out as a hawker selling vegetables alongside her mother in the southern city of Tirupati when she was in her teens. Few would have known then that the now 45-year-old burqa-clad, single mother would go on to form 17 companies which would boast of 2 lakh plus investors across the southern and western states, and have a combined turnover of over Rs 1,000 crore.

The turnaround in fortunes seems more dramatic when one considers all the stops in between: over the years, she acquired a degree in business management, started a madrassa for girls, and even formed a party to contest elections in Kar nataka.

But Nowhera Shaikh’s downfall was the outcome of the same expansion that brought her success. As she spread her reach over a period of seven years using a Ponzi scheme—offering returns of 36-42%—her offices and agents in Maharashtra and Andhra Pradesh drew in more and more investors; there was a whiff of a hawala scandal somewhere. By May 2018, Shaikh had begun defaulting on payments, eventually leading to mismanagement of funds, chaos and police complaints.

Today, as the protagonist in a Rs 500-crore cheating case, Shaikh is in the custody of Mumbai police after she was apprehended in Hyderabad. She was arrested by Mumbai police’s economic offences wing (EOW) on October 25 on a complaint by an investor named Shane Elahi who faced a default. Over the past few days, national intelligence agencies have dropped in on Mumbai police to discuss the case. “Most of her investors are from the Muslim community whom she promised an “interest-free halal business,” said an investigator.

Source : TOI

Related Tags


Notice : The source URLs cited in the news/article might be only valid on the date the news/article was published. Most of them may become invalid from a day to a few months later. When a URL fails to work, you may go to the top level of the sources website and search for the news/article.

Disclaimer : The news/article published are collected from various sources and responsibility of news/article lies solely on the source itself. Hindu Janajagruti Samiti (HJS) or its website is not in anyway connected nor it is responsible for the news/article content presented here. ​Opinions expressed in this article are the authors personal opinions. Information, facts or opinions shared by the Author do not reflect the views of HJS and HJS is not responsible or liable for the same. The Author is responsible for accuracy, completeness, suitability and validity of any information in this article. ​