HYDERABAD: On Wednesday, the Supreme Court directed Nowhera Shaik, the chief of Heera Group, to surrender to the appropriate jail authorities within a week. The court warned that non-compliance would lead to the issuance of a non-bailable warrant. Furthermore, the possibility of future bail considerations will be contingent upon her cooperation in executing pending sale deeds.
This directive stems from the court’s findings that Nowhera has failed to cooperate in executing 16 sale deeds for auction purchasers, despite the Enforcement Directorate (ED) having already received the full payment. The court described the situation as a large-scale fraud, involving thousands of investors and amounting to approximately Rs 10,000 crore, stressing the need for expedited resolution.
The order was issued on April 8 by a bench that included Justices J B Pardiwala and K V Viswanathan after hearing arguments from both Shaik’s counsel and the ED. The bench noted that once Nowhera surrenders, her attorney may inform the ED of her willingness to proceed with executing the sale deeds, and she may then be taken to the sub-registrar’s office to fulfill necessary formalities. It was emphasized that upon completing all 16 sale deeds, she could reapply for bail.
Setting a firm timeline, the court specified that if the deeds are not executed within two months from April 8, it would instruct the Registrar of the Supreme Court to carry out the execution.
Nowhera’s counsel contended that the ED misrepresented facts to the court, claiming that one property had been registered while another was not owned by her. The ED, however, asserted that additional properties remain to be auctioned.
The ED and the Serious Fraud Investigation Office are currently investigating the Heera Group for allegedly raising funds from thousands of investors with promised annual returns of 36%, only to divert those funds into assets held by Nowhera, her associates, and various related entities.
Previously, the ED provisionally attached assets worth approximately Rs 400 crore under the Prevention of Money Laundering Act, a move later confirmed by the adjudicating authority. A prosecution complaint has since been submitted to a special PMLA court in Hyderabad.
