SC revokes Nowhera Shaikh’s bail as she failed to meet bail conditions

Hyderabad: In a major blow to Nowhera Shaikh, the Managing Director of Heera Gold Exim Private Limited, the Supreme Court on Tuesday directed the Enforcement Directorate (ED) to auction two of her properties in connection with a case related to fraud and cheating of investors across the country.

The court has also ordered the Heera Gold managing director to deposit Rs. 25 crore with the central agency within three months in an effort to pay back the investors affected by the Heera Gold scheme. On October 18, the apex court cancelled the bail granted to Nowhera Shaikh after she failed to raise Rs. 580 crores to settle the investors’ claims despite repeated reliefs granted by the court.

Ordering Nowhera Shaikh to surrender within two weeks, the Supreme Court directed all FIRs registered against her in various states proceed according to law.

Hearing the matter related to the immovable property, a bench comprising Justice JB Pardiwala and Justice R Mahadevan asked the petitioner to supply the list of those immovable properties as part of ongoing efforts to recover funds to repay investors.

“We want to see the money…We have to see the colour of money,” Justice Pardiwala said.

Senior Advocate Kapil Sibal, appearing for Shaikh, said the Heera Gold group is willing to sell its corporate office, which is free from encumbrance. He added that the property will fetch nearly Rs. 600 crore for the group.

The senior advocate proposed that three properties were free from encumbrance. The court instructed the ED and the State of Telangana to investigate the status of these properties. On reviewing the reports, the court found two of the properties— Naina Towers and Heera Foodex — to be free from encumbrance and ordered their auction. The court did not issue a ruling on the third property Heera Retails (Hyd), as it remains under review.

Promising high returns in a short span of time, Nowhera Shaikh-led Heera Group collected Rs. 5,600 crore investments from 1.72 lakh depositors through a ‘halal’ gold ponzi scheme spread over Telangana, Andhra Pradesh, Maharashtra, Karnataka and Kerala. The group’s promoter had promised a 36 percent dividend on their investments. Interestingly, banks could give only 13 percent dividends on your investments per annum.

Heera Gold Scam: “Nowhera! Where Is The Money?’:

Supreme Court Cancels Bail to Heera Gold MD Over Failure to Raise Rs 580 Crore to Settle Claims

The Supreme Court has cancelled the bail granted to Nowhera Shaikh, Managing Director of Heera Gold Exim Private Limited, due to her… pic.twitter.com/My9tGBt63m

— Sudhakar Udumula (@sudhakarudumula) October 19, 2024