The Enforcement Directorate (ED), Hyderabad Zonal Office, has arrested Nowhera Shaik, the founder of Heera Group of companies, in Gurugram, Haryana, for defrauding investors. Shaik, who was hiding under a fake identity, was apprehended by the ED with the help of Haryana Police. The investigation revealed that Shaik collected deposits from investors across India promising high returns but failed to repay them.
Nowhera Shaik and her associates diverted investors’ funds for personal gain, acquiring significant movable and immovable properties with the illegally obtained money. The ED identified and attached properties purchased with the proceeds of the crime. Despite court orders to cooperate in auction proceedings and return investors’ money, Shaik obstructed the process and failed to execute sale deeds for auctioned properties.
The Supreme Court had directed Shaik to surrender and execute sale deeds for auctioned properties, failing which her bail would be cancelled. As she did not comply, the Special PMLA Court issued a Non-Bailable Warrant against her. Despite efforts to trace her in Hyderabad and Bangalore, Shaik was found and arrested in Haryana. The investigation into the case is ongoing.
