Heera Gold Scam: Supreme Court directs ED to auction assets; Asks Nowhera Shaikh to deposit Rs.25 crores

SC orders auction of Heera Gold MD Nowhera Shaikh’s two properties to repay defrauded investors

The Supreme Court ordered conwoman Nowhera Shaikh, kingpin of the Heera Gold Scam to deposit Rs.25 crore and directed the Enforcement Directorate (ED) to attach two properties owned by her. Nowhera Shaikha was caught cheating thousands of people across South India through a Ponzi scam.

The apex court ordered Nowhera Shaikh, the Managing Director of Heera Gold Exim Private Limited to surrender before the agencies in two weeks. The bench of Justices J B Pardiwala and Manoj Misra had ordered on Monday that all FIRs registered against Nowhere Shaikh in different States shall now proceed in accordance with the law. The main case was disposed of after the Supreme Court cancelled her bail on October 18, on the failure to raise 580 crores to settle the claims of investors despite repeated chances given by the Court to do so.

Senior Advocate Kapil Sibal appeared for Nowhera Shaikh and proposed that 3 properties (Naina Towers, Heera Foodex, and Heera Retails (Hyderabad) are encumbrance-free. The Bench directed ED to auction the first two properties.[1]

Nowhera Shaikh was caught by agencies in 2019 after a series of complaints about cheating people through Ponzi schemes. In many South Indian States, more than Rs.3,000 crore was lost to people through the Ponzi schemes floated by Nowhera Shaikh. Heera Gold Exim Private Limited, a company dealing in gold, collected huge deposits from the public with a promise to pay a 36% dividend on the invested amount.

She invited controversy first by starting an Islamic University near the Tirupati Temple Hills area. Nowhera Shaikh was involved in all kinds of fake micro-financing and Ponzi schemes to cheat thousands of people.[2]

Reference:

[1] Heera Gold Scam : Supreme Court Directs ED To Auction Two Properties, Asks Nowhera Sheikh To Deposit Rs 25 Crores – Nov 12, 2024, Live Law

[2] At last the law catches up with the notorious Ponzi Queen Nowhera Shaikh – Mav 16, 2019, PGurus.com

For all the latest updates, download PGurus App.

The post Heera Gold Scam: Supreme Court directs ED to auction assets; Asks Nowhera Shaikh to deposit Rs.25 crores appeared first on PGurus.