Hyderabad — Nowhera Shaik, Managing Director of Heera Gold Exim Pvt Ltd, was arrested on Tuesday by the Hyderabad zonal unit of the Enforcement Directorate (ED) in Bhubaneswar. She faces serious allegations of defrauding approximately 1.72 lakh investors in a gold investment scheme amounting to ₹5,600 crore.
The arrest follows a Supreme Court directive issued in March 2025, which ordered Shaik to repay ₹25 crore to investors within three months. Failure to comply would result in her arrest. Shaik did not meet the court-mandated deadline, prompting the ED to detain her.
In addition to the ED's action, the Central Crime Station (CCS) of Hyderabad Police executed pending non-bailable warrants (NBWs) against Shaik in Faridabad, Haryana. These warrants stem from cases filed in 2018 related to the Heera Gold investment fraud. Authorities are transporting her back to Hyderabad to present her before a local court.
The Heera Gold scam is considered one of India's largest financial frauds, with Shaik accused of running a Ponzi scheme that promised investors abnormally high returns of around 36% per annum. Investigations revealed that funds collected were used to purchase various immovable properties in her name, her family members, and associates. The ED has provisionally attached properties worth over ₹500 crore acquired through the proceeds of crime.