The Supreme Court has given two options to a gold scam accused – return Rs 25 crore taken from investors within three months, or go to jail.
Nowhera Shaik, the managing director of Heera Gold Exim Pvt Ltd, faces charges of duping lakhs of investors of Rs 5,600 crore. First information reports (FIRs) have been filed against her in many states.
In a hearing today, the Supreme Court ordered the Enforcement Directorate (ED) to take her into custody if she does not refund within 90 days a portion of the money collected from investors i.e. Rs 25 crore.
A Supreme Court bench headed by Justice JB Pardiwala said Ms Shaik has been defiant to successive orders by the court since November 11, 2024, when the time for surrender was extended, subject to her paying up Rs 25 crore.
“We propose as a last opportunity to the accused that an amount of Rs 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,” Justice Pardiwala said.
Senior lawyer Kapil Sibal, appearing for Ms Shaik, said she has no money.
The ED, however, pointed out that several properties owned by Ms Shaikh have been attached, but her lawyer did not disclose them when asked to give a list of unencumbered properties that can be auctioned.
Ms Shaik shared details of only three properties, of which two properties in Telangana can be auctioned by the ED.
The Serious Frauds Investigation Office (SFIO) launched the probe into the matter involving Heera Gold and its managing director. The SFIO is still on the case.
Many cases are pending in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.
The company which dealt in jewellery and gold articles floated schemes promising to give 36 per cent dividend on the amount invested.
Initially, it paid the dividends, but in 2018 some investors filed complaints over alleged cheating by the company and Ms Shaik. She was arrested in October 2018.