Emphasis on interest-free financial model, profit-loss sharing and transparent system
New Delhi / Hyderabad (Special Report: Mutiur Rehman Aziz) Heera Group of Companies has issued a comprehensive clarification statement in the context of its business model and ongoing legal disputes, calling itself a transparent, membership-based and interest-free business entity. The company has clarified that the allegations of defamation leveled against it are not based on fact but are the result of misrepresentation of its business structure. According to the details released, Heera Group’s system is not a traditional deposit scheme or loan-based model, but a 100% membership-based business system in which individuals voluntarily join and become partners in various business activities. The company says that the participation of each member is under a formal written agreement, which clearly states the business terms, risks, responsibilities and nature of profit and loss.
Describing its financial system as an “interest-free, no-usage model,” Heera Group said that the company does not provide any fixed or guaranteed profit to any investor or member. According to the company, the returns received by members depend entirely on business performance and that is why this model is based on profit and loss sharing, not on fixed profits. The company said in its statement that all financial transactions are carried out through banking channels and its membership system is “KYC-compliant,” under which a complete identity check is carried out on each member. The company claims that to maintain transparency, every transaction is carried out under a complete banking system with documentary records. Commenting on the ongoing legal proceedings against it, Heera Group said that if there is any dispute, it is not criminal but civil in nature, as all matters are based on written agreements and business understandings between the parties. The company said that the disruption in business activities was caused by external legal and administrative circumstances, which led to temporary financial difficulties.
The organization also emphasized that there was no criminal intent or fraudulent intent involved from the time of its establishment, but rather the aim was to present an ethical and interest-free economic model that is based on shared responsibility and transparent business principles. Heera Group finally appealed to the public, members and relevant institutions to view its business structure as a partnership and risk-sharing model, where each partner shares in both profits and losses, rather than just a traditional investment scheme.
