Shaba Afreen, a media professional, invested Rs 20 lakh in Heera Gold of Companies in 2016. A resident of Tolichowki in Hyderabad, and a single mother of three, Afreen in 2018 found herself on the streets along with her children, when the company stopped paying monthly dividends, and refused to let her withdraw her investment. She had fallen victim to a halal ponzi scheme that has scammed thousands of people across India and the world.
"That Rs 20 lakh was my life's savings. It's all gone now," Afreen says, “I was introduced to Heera Gold by a trusted friend, who had invested Rs 1 lakh and was earning Rs 3,000 a month. I went to the Heera Gold office in Hyderabad. They painted a picture of a multinational company with investors and companies across the world. I enquired with people and they all had only positive things to say about Heera Gold." Afreen’s, elder brother who resides in UAE invested Rs 24 lakh, and many other relatives also made hefty investments in the halal ponzi scheme.
But the last time that investors got any dividends, for their investments into Heera Gold and 15 other companies that operate under Heera Gold, was in June 2018. The Enforcement Directorate pegs the scam to be worth Rs 3,000 crore, and the number of Heera Gold victims to be around 1.72 lakh. The Hyderabad Central Crime Station (CCS) pegs the scam to be over Rs 5,460 crore and called the 15 companies floated by the Heera Gold as shell companies. However, those who are fighting the group in court and are offering legal support to the victims say the scam is worth much more, and that the number of victims could be well over a couple of lakhs in India alone.
"That Rs 20 lakh was my life's savings. It's all gone now," Afreen says, “I was introduced to Heera Gold by a trusted friend, who had invested Rs 1 lakh and was earning Rs 3,000 a month. I went to the Heera Gold office in Hyderabad. They painted a picture of a multinational company with investors and companies across the world. I enquired with people and they all had only positive things to say about Heera Gold." Afreen’s, elder brother who resides in UAE invested Rs 24 lakh, and many other relatives also made hefty investments in the halal ponzi scheme.
But the last time that investors got any dividends, for their investments into Heera Gold and 15 other companies that operate under Heera Gold, was in June 2018. The Enforcement Directorate pegs the scam to be worth Rs 3,000 crore, and the number of Heera Gold victims to be around 1.72 lakh. The Hyderabad Central Crime Station (CCS) pegs the scam to be over Rs 5,460 crore and called the 15 companies floated by the Heera Gold as shell companies. However, those who are fighting the group in court and are offering legal support to the victims say the scam is worth much more, and that the number of victims could be well over a couple of lakhs in India alone.
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