New Delhi: The Supreme Court of India has revoked the bail of Nowhera Shaikh, the Managing Director of Heera Gold Exim Private Limited, for her failure to raise Rs 580 crore to repay defrauded investors. The Court, presided over by Justices J.B. Pardiwala and Manoj Misra, directed Shaikh to surrender within two weeks, allowing legal proceedings to resume on the numerous complaints and investigations pending against her, as per a report by the AIMA Media.
Nowhera Shaikh, who had promised hefty returns of up to 36% on deposits made to her company, has been accused of collecting over Rs 5,600 crore in fraudulent schemes from investors across multiple states. When these promises went unfulfilled, several First Information Reports (FIRs) were filed, leading to an investigation by agencies like the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate (ED).
Shaikh had initially been granted interim bail by the Supreme Court in January 2021, on the condition that she would repay investors. However, despite multiple extensions, she failed to meet the required financial commitments. In August 2023, the Court had issued a final warning, instructing her to raise Rs 580 crore and provide details of her assets for settlement. Despite these orders, no significant progress was made, prompting the Court to cancel her bail.
The bench emphasized that repayment of the defrauded investors is of paramount importance in cases involving financial fraud. With her inability to comply, Shaikh faces serious legal consequences, including a return to custody. The Court also clarified that she could apply for bail again at a future date, but only if substantial steps were taken to resolve investors’ claims.
This decision marks a turning point in the high-profile Heera Gold fraud case, underscoring the judiciary’s focus on ensuring justice for investors who have been wronged.
