Three people, including two women, have been arrested by the ED in connection with an alleged multi-crore ponzi and investment fraud scheme that duped many investors in Telangana, the agency said Wednesday.
It said Nowhera Shaikh, Molly Thomas and Biju Thomas were placed under arrest under the provision of the Prevention of Money Laundering Act (PMLA) on Tuesday in the case related to the Heera group of companies.
They have been sent to 7-day Enforcement Directorate custody by a special court in Hyderabad, it said. The three were already in jail in a police case and the ED sought the court permission to take them in its custody.
The case pertains to the fraudulent money circulation scheme perpetrated by the Heera group in Hyderabad and the ED filed a criminal case of money laundering in the instance based on a Telangana Police FIR and few other complaints.
"Heera group is accused of fraudulently collecting investments from lakhs of innocent victims on the promise of providing very high returns of about 36 per cent by indulging in gold trading among others."
Talking about the role of Biju Thomas, it said he was the MD of Suvan Technologies Solutions India Pvt Ltd, Kerala and "has developed software for the Heera group of companies and all the account details are maintained by his firm."