New Delhi (Report: Mutiur Rehman Aziz) Investors have been angered by the Enforcement Directorate (ED) for selling the properties of Heera Group of Companies at low prices, following which Heera Group investors have written a letter to the top officials of the Enforcement Directorate, registering their protest, saying that the ED is ignoring lakhs of investors of Heera Group, using the FIRs, whose number is only in the range of thirty to forty and all of them have been paid, as an excuse to cause immense damage to the company. The Enforcement Directorate should understand that the logo and tagline of Heera Group, “Towards a world free of interest” clearly indicate the prohibition of interest (usury or usury) in Islam. We entered into Heera Group Trading with the intention of earning interest-free income, which is possible only when both profit and loss are shared in the business. Any promise of fixed returns would be considered usury and is not permissible under Islamic law.
Heera Group Investors wrote in an email to their ED that they would like to humbly submit that the terms and conditions mentioned in the digital agreement were fully explained to us before entering into it, and we voluntarily gave our consent to be bound by them. We were also well aware of the risks of Hira Group Trading, as is the case with any business. Neither Heera Group nor its CEO Dr. Nowhera Sheikh ever assured us of any fixed returns, as such a promise would be considered usury and is against the principles of this business model. Our business relationship with Heera Group was running smoothly till April 2018. We have been getting regular incentives and benefits as clearly mentioned in the terms and conditions. Like me, there are about 1,75,000 members of Heera Group. We have never approached any agency or court to register a claim against Heera Group as we are bound by the signed agreement and always wish to resolve any dispute amicably or through mediation.
On one hand, around 40 FIRs have been registered against Heera Group for violating the agreement, while on the other hand, around 1,75,000 members are standing with Heera Group by fully abiding by the signed agreement. This is not just ignoring the interests of the majority who never intended to violate the agreement. We humbly request that your esteemed office immediately stop the auction of Heera Group properties to protect our interests. Since this is the first time we are approaching your office, we did not expect the current situation, where all the assets of Heera Group have been seized and are now being auctioned. This action severely limits our chances of resolving our dispute with Heera Group and recovering the amounts owed to us. Furthermore, we have received reports that the prices of the properties put up for auction have been greatly reduced, which directly affects all members like us. With great hope and faith in the justice system, we request your esteemed office to consider our request and take appropriate steps to protect the interests of all members associated with Heera Group.
Heera Group investors claim that the properties are being auctioned by the ED at low prices, which cannot provide adequate compensation for their financial losses. They also allege that the ED is acting on the basis of only a few FIRs (30-40 complaints), while the interests of lakhs of investors in the Heera Group are being ignored. The investors say that the ED’s actions are a deliberate attempt to harm the company, which they say is part of a well-planned conspiracy. Furthermore, the investors stressed on the Heera Group’s slogan of "Towards a Interest-Free World”, citing which they say they invested on a profit-loss sharing basis as per Islamic financial principles. They maintain that the promise of fixed profits falls under the category of interest, which is prohibited under Islamic law (Sharia). Therefore, they are demanding that the ED take into account the business model of the Heera Group and the religious beliefs of its investors.
Investors protest against the Enforcement Directorate’s sale of Heera Group properties at low prices
