Yet another ponzi scheme has been busted in Hyderabad. The Andhra Pradesh Police have arrested the MD of Heera Gold Group, Nowhera Shaikh. She has been a businesswoman and a politician for years now. It was the Crime Investigation Department which has been dealing with the important case.

The lady has been accused of conning several investors belonging to different countries. Hailing from Chittoor district, she had earlier been arrested by Mumbai police. Shaik has been out on bail.

The accused brought into existence 20 subsidiary companies to carry out her scandal. She is believed to have mopped up several hundreds of crores from gullible people by promising unrealistically high returns. Over eight years or so, her group's turnover increased from a mere Rs 30 lakh to a mind-boggling Rs 800 Cr.

Even in October last year, Shaik was booked under two laws for fraud in Hyderabad. She got away by securing bail, post which she was once again booked by Mumbai police. Once again, she was out on bail.