ED arrests Heera group chief in ₹3k-cr fraud case

HYderabad The Enforcement board of directors (ED), Hyderabad district, on fri proclaimed the check of Nowhera Shaik, founder of the Hyderabad-based Heera Group, in an alleged ₹3,000 crore investment fraud case from her hideout in Haryana’s Gurugram in a joint operation with the Haryana police on Thursday.In an official statement, the ED said Nowhera Shaik was living in Sector-45 of Gurugram under the fake identity of Shaik Khamar Jahan using forged documents along with her associate Sameer Khan.“She was arrested on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and was later produced before the Special PMLA Court in Hyderabad, which remanded her to judicial custody,” the statement said.According to the ED, the investigation was initiated based on multiple FIRs registered by the Telangana and Andhra Pradesh police against Nowhera Shaik, Molly Thomas, Biju Thomas and the Heera Group of companies following complaints from investors across the country.Investigators alleged that over 1.72 lakh investors were duped through fraudulent investment schemes floated by the group.Nowhera Shaik allegedly collected deposits from investors by promising annual returns of nearly 36% through investments in Heera Group companies.However, the agency alleged that the promised returns and even the principal amounts were not repaid to investors.During the investigation, the ED found that investor funds were allegedly diverted to personal accounts through company bank accounts.The agency claimed that the proceeds were used to acquire large movable and immovable assets.The ED further stated that several properties linked to the alleged proceeds of crime had already been attached under the PMLA.According to the agency, Nowhera Shaik had approached the Supreme Court through petitions and allegedly attempted to delay the investigation by presenting incorrect facts before the court.The agency alleged that during court proceedings, affidavits were filed claiming that a person identified as CK Moula Sharif was prepared to purchase attached properties worth ₹580 crore.However, the Supreme Court reportedly found that the bank accounts cited in support of the claim did not contain the stated funds and subsequently ordered contempt proceedings against Moula Sharif.The ED also alleged that some attached properties were illegally sold by filing false affidavits before revenue authorities, resulting in additional proceeds of crime.Separate FIRs were reportedly registered in connection with those transactions.According to the ED, the Supreme Court had recently permitted the agency to auction attached properties before completion of trial proceedings in order to facilitate restitution to investors through the Serious Fraud Investigation Office (SFIO).The court had also directed Nowhera Shaik to cooperate in the auction process and execute sale deeds for the properties.The ED said it successfully auctioned certain properties, generating nearly ₹122 crore.However, it alleged that Nowhera Shaik failed to cooperate in executing sale deeds in favour of successful bidders and repeatedly attempted to obstruct the auction proceedings.Following this, the ED again approached the Supreme Court, which on April 8, 2026, directed her to surrender before jail authorities within a week and complete execution of sale deeds for 16 auctioned properties within two months.The court also warned of non-bailable warrants (NBWs) and cancellation of bail in case of non-compliance.The agency alleged that despite the court directions, Nowhera Shaik neither surrendered nor cooperated with the investigation.Subsequently, the Special PMLA Court cancelled her bail and issued a non-bailable warrant against her on May 7, 2026.The ED claimed that she later attempted to mislead the court by filing an affidavit stating that jail authorities had refused to take her into custody after she attempted to surrender.However, jail officials reportedly informed the court that she had never approached them.According to the ED, teams conducted searches at locations in Hyderabad and Bengaluru but could not trace her.Based on intelligence inputs, officials later tracked her to Gurugram, where she was allegedly living under a fake identity using forged documents, the ED said, adding that further investigation into the case is underway.