Supreme Court Directs Nowhera Shaik to Pay ₹25 Crore to ED, Warning Revocation of Bail in Heera Gold Scam Case [Read Order]

The Supreme Court of India recently issued a final ultimatum to Nowhera Shaik, founder and managing director of Heera Gold Exim Pvt Ltd, to deposit ₹25 crore with the Enforcement Directorate (ED) within a period of three months or face revocation of her current bail.

Nowheira Shaik, currently enlarged on bail, is the executive Chairperson and Founder of the Heera Group, which operates in the gold trading industry with its presence all over India and the Middle East.

Read More: ED Attaches Properties of Heera Group and its MD worth Rs.33 Crores against Investigation of Defrauding People

The ruling, issued on March 5, 2025, came as a final warning to Shaik, who is accused of orchestrating a ₹5,600 crore Ponzi scheme that defrauded thousands of investors across multiple states.

Shaik has been under investigation by the Serious Fraud Investigation Office (SFIO) and the ED with numerous FIRs lodged against Shaik in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.

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The legal battle began after complaints surfaced in 2018, when investors accused Heera Gold of defaulting on promised high returns. Shaik was subsequently arrested in October 2018, and multiple state and central agencies launched investigations into the alleged fraud. Over time, the ED attached 96 properties linked to Shaik and later seized an additional 28 properties in efforts to recover funds for affected investors.

Read More: Heera Group Money Laundering Case: ED Arrests MD

Senior Advocate Kapil Sibal, Nizam Pasha, Lzafeer Ahmad B. F., Sidharth Kaushik, Awstika Das and Aparajita Jamwal appearing for Sheik submitted before the Apex Court that Sheik lacked the financial resources to make the ₹25 crore deposit.

A. Venkatesh, counsel for the ED countered that Shaik had not fully disclosed her unencumbered assets, which could be auctioned to recover dues. He stated that while Shaik submitted details of only three properties, the ED had identified additional assets that could be liquidated.

The Supreme Court bench comprising Justice J.B. Pardiwala and Justice R. Mahadevan issued a strict directive that Shaik deposit ₹25 crore with the ED within three months or face immediate cancellation of bail and re-arrest. The court also allowed the prayers permitting ED to proceed with the auction of her attached properties, including finalizing the sale of a property valued at ₹40 crore and re-auctioning another property where the initial sale attempt had failed.

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Read More: Active involvement of Accused in Money Laundering proved by Material Evidence: Chhattisgarh HC Rejects Bail on PMLA Offence

In addition, the Bench expressed serious concerns that Shaik was misleading the public through business advertisements and prohibited her from engaging in any commercial activities or promotional efforts. The court warned that if any further advertisements were issued in her name, through family members, or related entities, the case would be closed at once, sending Shaik back to jail. It also hinted at the possibility of relocating Shaik to another state to prevent further deception.

The court scheduled the next hearing for July 14, 2025, by which time Shaik must either comply with the Supreme Court’s ultimatum or face immediate legal consequences.

To Read the full text of the Order CLICK HERE

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