Latest news with #HeeraGold
Time of India
6 days ago
- Time of India
HC junks Nowhera Shaikh's bail pleas against pending NBWs
1 2 3 Hyderabad: The Telangana high court on Wednesday dismissed petitions filed by Nowhera Shaikh, the prime accused in the Heera Gold investment fraud cases, seeking a stay on three non-bailable warrants (NBWs) issued against her. Justice K Sarath deemed the petitions 'infructuous,' effectively ending her plea for interim relief. The dismissal came a day after sleuths from Hyderabad police's central crime station executed the long-pending NBWs against Nowhera Shaikh in Faridabad, Haryana, on Tuesday. When Nowhera Shaikh's counsel sought directions from the high court following her apprehension, Justice Sarath advised them to approach the concerned trial court for any further relief and subsequently disposed of the petitions. The three NBWs had been pending for several months in connection with separate cases registered by CCS in 2018. The Nampally court had issued the warrants after the Supreme Court cancelled her bail in Oct 2024. Despite the apex court's order, Nowhera Shaikh failed to surrender before the appropriate trial court, prompting enforcement of the warrants.
The Hindu
7 days ago
- The Hindu
Heera Group's Nowhera Shaik arrested in Haryana, flown back to Hyderabad
Nowhera Shaik, managing director of the Heera Group of Companies and prime accused in the multi-crore Heera Gold investment fraud case, was arrested by the Hyderabad Central Crime Station (CCS) police in Haryana after she evaded court appearances in multiple criminal proceedings. She was apprehended in the Surajkund police station limits of Haryana on Tuesday (May 27, 2025) while travelling from Delhi to Faridabad. A team of four CCS police personnel from Hyderabad tracked her movements and executed the pending non-bailable warrants (NBWs). She was flown back to Hyderabad on a late-night flight and was shifted to Chanchalguda Central Prison around 4 a.m. on Wednesday (May 28, 2025). According to CCS deputy commissioner of police N. Swetha, Shaik had failed to appear before the Nampally Sessions Court in connection with three criminal case — one in 2019 and two in 2025. Following her continued non-compliance, the Court issued three non-bailable warrants on April 29, 2025 and she fled Hyderabad thereafter. Shaik was produced before the Nampally Sessions Court earlier today, where she was remanded to judicial custody until June 3, 2025. Earlier this year, the Enforcement Directorate provisionally attached properties worth approximately ₹400.06 crore belonging to Shaik and the Heera Group under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the investment fraud case.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
UAE expats who lost millions of dirhams welcome court action against Heera Group founder
A court in Hyderabad has upheld non-bailable warrants against Nowhera Shaik, the embattled founder of the Heera Group, in multiple cases linked to the Dh2.36-billion Heera Gold scam, which defrauded thousands of investors, including many in the UAE. The Nampally metropolitan sessions court dismissed four separate petitions filed by Shaik on May 19, under Section 70(2) of the Indian Code of Criminal Procedure, which allows an accused to seek recall of a non-bailable warrant. The court noted that Shaik failed to appear despite conditional orders and multiple opportunities. Her absence was recorded even at the scheduled call time of 12.15pm. With the petitions dismissed, the previously issued non-bailable warning against her remain in force. One of the cases stems from a 2018 complaint filed by the Hyderabad Central Crime Station (CCS), while another relates to a fresh case lodged earlier this year by the Economic Offences Wing. The next hearing in both matters is scheduled for June 3. Shaik, who is facing multiple criminal proceedings across India, is accused of orchestrating a Ponzi-style scheme that promised investors monthly payouts of up to 36 per cent and annual returns as high as 80 per cent through various ventures under the Heera Group banner, including Heera Gold, Heera Textiles, and Heera Foodex. Among the 100,000-plus investors allegedly defrauded by the group across South East Asia, hundreds are from the UAE — many of whom pumped in life savings or took loans to invest. Some were lured by flashy marketing campaigns promising Dh3,250 in monthly returns on a Dh100,000 investment with a one-year lock-in. The company abruptly stopped payouts in 2018, sparking panic. Shaik was arrested later that year and subsequently released on bail. Heera Gold's UAE operations, including offices in Jumeirah Lake Towers and warehouses in Ras Al Khaimah and Sharjah, were later found abandoned. Shahbaz Ahmad Khan, president of the All India Heera Group Victims Association and a key whistleblower, welcomed the latest court action. 'She kept dodging court appearances, buying time while people's lives were wrecked. We welcome the non-bailable warrant. It's high time she is held accountable,' Khan told Khaleej Times. Khan said he has received fresh complaints from UAE residents who invested in Heera schemes. 'People are still reeling from the losses. Some have even lost homes and are being hounded by creditors,' he said. Earlier this year, the Indian Supreme Court directed Shaik to deposit Rs250 million (approximately Dh10.57 million) within three months or risk cancellation of her bail, a directive she has yet to comply with. Meanwhile, the Enforcement Directorate has attached 124 properties linked to the Heera Group, including 28 in recent months. Legal experts say the continued enforcement of non-bailable warrants marks a significant step, following her prolonged defiance. 'Given the number of victims in the UAE, the case is a reminder that due diligence is critical,' said Farhat Ali Khan of legal and business advisory firm Century Maxim International (CMI).
Time of India
29-04-2025
- Business
- Time of India
Heera Gold scam: Nampally court issues fresh non-bailable warrants against Nowhera Shaik
Hyderabad: A Nampally court on Tuesday issued non-bailable warrants (NBWs) against Nowhera Shaik in two separate cases related to the Heera Gold scam . The orders came after Nowhera repeatedly failed to appear before the sessions court despite several adjournments. Taking a serious view of her persistent absence, the metropolitan sessions judge court dismissed her petition filed under the Section 317 of the CrPC and directed the issuance of NBWs. In the 2018 case registered by the Hyderabad Central Crime Station (CCS), the court had recorded that Nowhera Shaik was "called absent" and noted that her repeated failures to comply with conditional orders left no option but to initiate coercive action. In another case filed by the CCS Economic Offences Wing team in 2025, the court similarly ordered an NBW against her after observing her continued non-compliance. The next hearing in these cases has been posted for June 3. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Background of the Heera Gold Scam by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Nowhera Shaik, who is facing multiple criminal proceedings, stands accused in the Heera Gold scam involving alleged large-scale investor fraud. Enforcement Directorate (ED) has been separately investigating her and the Heera Group for mobilising funds by offering returns as high as 36% per annum. ED had found that investor funds were allegedly diverted to acquire a considerable portfolio of properties and other assets in the names of Nowhera, her associates, and the Heera Group entities. In connection with the scam, the Supreme Court had on March 5 directed Nowhera Shaik to deposit 25 crore within three months. The apex court made it clear that failure to deposit the amount would result in the automatic cancellation of her bail without the need for further orders. The Supreme Court also allowed ED to take Nowhera Shaik back into custody, if the conditions were not met. So far, ED has attached 124 properties, including 28 properties attached recently.
Khaleej Times
06-03-2025
- Business
- Khaleej Times
After scamming hundreds in UAE, Indian court Heera Group chief told to pay Rs250 million or face jail
India's Supreme Court has given Nowhera Shaik, managing director of Heera Group, three months to return Dh10.57 million (Rs 25 crore) to investors or face jail. Shaik, accused of running a massive Ponzi-style gold investment scheme, allegedly defrauded over 100,000 investors out of Dh2.36 billion (Rs5,600 crore). Among them were hundreds of UAE investors who had poured their savings into Heera Gold, drawn by promises of lucrative monthly payouts and high dividends. In a hearing on Wednesday, the Supreme Court ordered the country's Enforcement Directorate (ED) to take Shaik into custody if she fails to refund the specified amount within the deadline. The court said she had repeatedly defied court orders since November 11, 2024, when she was given more time to make the payment. 'We propose, as a last opportunity, that the accused deposit Rs250 million (Dh10.57 million) within three months. If she fails, her bail will be automatically canceled, and she will be sent back to jail,' Justice JB Pardiwala stated. The Heera Group aggressively marketed high-return investment plans in India and Middle East. In the UAE, the company claimed that a Dh100,000 investment in Heera Gold would yield Dh3,250 in monthly payouts with a one-year lock-in period. Other schemes, such as Heera Textiles and Heera Foodex, promised annual returns of 65 to 80 per cent on deposits starting at Dh15,000 with a two-year lock-in. Many investors even took out loans, believing the returns were guaranteed. However, in 2018, the payouts stopped, and the company collapsed. Shaik was arrested, leaving many UAE investors in financial ruin. Desperate victims attempted to locate Heera's operations in Jumeirah Lake Towers and warehouses in Ras Al Khaimah and Sharjah, but found nothing. Shaik's lawyer, senior advocate Kapil Sibal, argued that she lacked the funds to make the court-ordered refund. However, the ED countered that several of her properties had already been attached, yet her legal team failed to disclose them when asked to list assets that could be auctioned. Shaik provided details of only three properties, of which two in Telangana are now set to be sold. Meanwhile, the Serious Fraud Investigation Office (SFIO) continues to probe the case, with multiple First Information Reports (FIRs) filed against Shaik across India. Cases remain pending in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi. Heera Gold initially paid out dividends of up to 36 per cent, reinforcing investor confidence, but when payments stopped in 2018, complaints flooded in. Shaik was arrested in October that year, and since then, legal proceedings have dragged on as investors fight to recover their funds.
