The Supreme Court demands Heera Gold’s Nowhera Shaik to refund Rs 25 crore in three months or face jail for her role in a Rs 5,600 crore investment scam under investigation.
New Delhi: The Supreme Court has issued a strict ultimatum to Nowhera Shaik, managing director of Heera Gold Exim Pvt Ltd, accused of duping investors in a Rs 5,600 crore gold investment scam. The court has given her two options—refund Rs 25 crore within three months or face jail time.
Several FIRs have been filed against Shaik across multiple states, and the Enforcement Directorate (ED) is actively investigating the case.
During a recent hearing, a Supreme Court bench led by Justice JB Pardiwala directed the ED to take Shaik into custody if she fails to refund Rs 25 crore within 90 days.
“We propose as a last opportunity to the accused that an amount of ₹25 crore shall be deposited by her within a period of three months, failing which her bail shall stand automatically cancelled and she would be sent back to jail by the ED,”
said Justice Pardiwala.
However, Shaik’s lawyer, senior advocate Kapil Sibal, claimed she has no money. Contradicting this, the ED revealed that multiple properties owned by Shaik had been attached, yet her lawyer failed to provide a list of unencumbered assets for auctioning.
Shaik shared details of only three properties, out of which two in Telangana are now set to be auctioned by the ED.
The Serious Fraud Investigation Office (SFIO) is also probing Heera Gold, with cases pending in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.
The scam revolved around fraudulent gold investment schemes, promising investors a 36% dividend. While initial payments were made, complaints surfaced in 2018, leading to Shaik’s arrest in October that year.
Now, with the Supreme Court’s firm stance, Shaik must return a portion of the defrauded funds or face imprisonment.
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