Nowhera Shaikh’s Naina Towers flats to be auctioned following SC order

The Supreme Court of India Monday November 11, 2024 ordered the Enforcement Directorate (ED) to auction Heera Gold Managing Director Nowhera Shaikh’s flats in Naina Towers and other properties in Hyderabad to recover investors’ money

New Delhi: The Supreme Court of India Monday November 11, 2024 ordered the Enforcement Directorate (ED) to auction Heera Gold Managing Director Nowhera Shaikh’s flats in Naina Towers and other properties in Hyderabad to recover investors’ money.

The Enforcement Directorate had in February 2021 sealed six flats of Nowhera Shaikh in Naina Towers in Banjara Hills and HS Royals Apartments in Shaikpet in Hyderabad.

The Supreme Court of Indian in its latest ruling in the Heera Gold scam has asked the ED to auction two of Nowhera Shaikh’s assets to recover the investors’ money.

The SC also asked Nowhera Shaikh to deposit INR 25 crore within three months.

The Supreme Court of India had in October cancelled the bail granted to Heera Gold scam kingpin Nowhera Shaikh, asking her to surrender within two weeks following her failure to raise INR 580 crore to settle investors’ claims.

In its latest order on Monday, the SC extended her surrender period after her counsel Kapil Sibal requested so.

"Heera Gold Scam"

Nowhera Shaikh, Founder and Chairperson of Heera Gold Exim Private Limited - an investment and finance firm is accused of collecting money from thousands of Muslims from India and abroad in the name of "Halal Investment".

Nowhera Shaikh describes herself as an Entrepreneur, Businesswoman, Educationist, Human Rights and Women’s Rights Activist. Few months before the Karnakata assembly elections, she also launched a political party, All India Mahila Empowerment Party (AIMEP) in November 2017.

Her AIMEP launch in New Delhi in November 2017 was attended by stars like Sania Mirza, and cricketer Mohammad Azharuddin and actor Sunil Shetty were regulars in her programmes.

However, soon after 2018 Karnataka elections, Heera Gold stopped depositing "profits" into the accounts of "investors" citing one or the other reasons. The delay in the payment created panic among the investors, many of whom, lodged police complaints in Hyderabad and various other states of India leading to her arrest in October 2018.

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