New Delhi: The Supreme Court has given a gold scam accused two options: either return Rs 25 crore taken from investors within three months or face imprisonment.
Nowhera Shaik, the managing director of Heera Gold Exim Pvt Ltd, is facing allegations of defrauding lakhs of investors out of Rs 5,600 crore. First Information Reports (FIRs) have been filed against her in several states.
Supreme Court ordered the Enforcement Directorate (ED) to take her into custody if she fails to refund Rs 25 crore within 90 days. A bench led by Justice JB Pardiwala stated that Ms. Shaik has defied multiple court orders since November 11, 2024, when the time for surrender was extended, contingent on her payment of the Rs 25 crore.
“We propose as a final opportunity to the accused that an amount of Rs 25 crore shall be deposited by her within three months. If she fails to do so, her bail will be automatically canceled, and the ED will send her back to jail,” said Justice Pardiwala.
Ms. Shaik’s lawyer, senior advocate Kapil Sibal, argued that she does not have the money. However, the ED pointed out that several properties owned by her have been attached, but her lawyer had not provided a full list of unencumbered properties for potential auction.
Ms. Shaik only disclosed three properties, two of which are located in Telangana and could be auctioned by the ED.
The Serious Fraud Investigation Office (SFIO) has been investigating the case involving Heera Gold and its managing director. The SFIO is still pursuing the investigation, which spans cases in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.
The company, which dealt in jewelry and gold, launched schemes promising a 36 percent dividend on investments. Initially, it paid the promised dividends, but in 2018, several investors filed complaints accusing the company and Ms. Shaik of cheating. She was arrested in October 2018.