Controversial Founder of Diamond Group Arrested in Multi-Billion Dirham Scam
In a significant development, Nohira Sheikh, the controversial founder of the Diamond Group, has been arrested in connection with the staggering 2.36 billion dirham Diamond Gold scam. This arrest follows the enforcement of three non-bailable warrants against her in a fraud case dating back to 2018. The Hyderabad Central Crime Station’s detectives apprehended her, marking a crucial step in a case that has left thousands of investors, many of whom are UAE citizens, financially devastated.
The Diamond scheme promised investors returns as high as 36% monthly and 80% annually through various businesses, including Diamond Gold, Diamond Textiles, and Diamond Foodex. However, the company abruptly halted payments in 2018, triggering panic among over 100,000 investors across South Asia and the Middle East.Many individuals lost their life savings, with some still struggling to repay loans taken to invest in the scheme. Nohira was identified during her travels in the Surajkund area of Faridabad and has since been taken into custody to be presented in a local court. The Deputy commissioner of CCS,N.Sweta, confirmed that she would be brought to Hyderabad following a Supreme Court order that revoked her bail and mandated her surrender. Despite multiple summons, Nohira failed to appear in court, prompting authorities to intensify their efforts to apprehend her. This case serves as a stark reminder of the risks associated with high-return investment schemes and the devastating impact of financial fraud on individuals and families.
