Nowhera Shaik

Its flagship gold investment scheme asked investors, mostly lower and middle-class people, to invest Rs. 1 lakh. In return, as per the policy document, these investors received Rs. 3,000-3,400 per month, an ROI of 36% per annum. In 2018, investors began to have doubts in the company when it announced that it would instead pay its investors every 3 months. The company portrayed itself as "Islamic", halal and often used religious sentiment to lure customers.[3] This led to complaints from investors and a SEBI investigation. Earlier, in August 2012, police charges had been filed on it by Asaduddin Owaisi for cheating a number of small local investors from his constituency Hyderabad.[4] However, In that case, police failed to prove Nowhera Shaikh guilty The company imported large quantities of gold into India from Dubai and sold it in the local market. The company operated as a family concern, with Nowhera Shaikh, her husband Mohammed Sanaullah Qureshi (Salman) and their family members.

According to Asaduddin Owaisi and his party members the above scam is now being called as "Nowhera Scheme" similar to that of Ponzi scheme. Here the only difference is that Nowhera Scheme lured Muslims in the name of Halal Investment. The Said Nowhera Scheme is said to have cheated Muslims to the tune of Rs.5000/- Crore.[5]