Haryana / Hyderabad, May 22 (Maxim News): The Enforcement Directorate (ED) has arrested Nowhera Shaik, the main accused in the alleged Heera Gold investment fraud case involving nearly ₹10,000 crore collected from depositors across the country.
According to officials, Nowhera Shaik was arrested in Haryana during a joint operation conducted by the ED and Haryana Police after investigators received information that she was living there using allegedly forged identity and residence documents.
After the arrest on Thursday, ED officials shifted her to Hyderabad for further legal proceedings. Authorities are expected to produce her before a court on Friday.
Supreme Court Ordered Surrender
The arrest comes shortly after the Supreme Court dealt a major setback to Nowhera Shaik in the ongoing case. The apex court had recently directed that she should remain in jail until the process of transferring auctioned properties to buyers was completed.
The court reportedly observed that Nowhera Shaik was refusing to cooperate in registering properties purchased through ED auctions in the names of successful bidders. The Supreme Court then ordered her to surrender before jail authorities within one week.
However, officials alleged that she absconded instead of surrendering as directed by the court. Following the court order, ED teams intensified efforts to trace her movements, eventually locating her in Haryana.
The Heera Gold case involves allegations of cheating and illegal financial collection schemes that reportedly affected thousands of investors, particularly women and middle class families, across several states.
Investigating agencies alleged that investors were lured with promises of high returns and business investment opportunities through the Heera Group companies. Large sums of money were allegedly collected without proper regulatory approvals.
The ED has been probing the money laundering angle linked to the case and has already attached multiple properties and assets connected to the group under provisions of the Prevention of Money Laundering Act.
Officials said further interrogation would focus on tracing remaining assets, identifying financial transactions, and verifying details related to alleged benami properties and fund diversion.
The ED is also expected to examine whether additional individuals or associates helped Nowhera Shaik evade arrest after the Supreme Court order.
The case remains one of the biggest alleged financial fraud investigations involving deposit collection schemes in recent years. (Maxim News)
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