Introduction Of Hyderabad
A court in Hyderabad has reaffirmed non-bailable warrants against Nowhera Shaik, the controversial founder of the Heera Group, in connection with the massive Dh2.36 billion Heera Gold investment scam that defrauded thousands of investors—many of them from the UAE. Hyderabad
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On May 19, the Nampally Metropolitan Sessions Court dismissed four petitions filed by Shaik seeking the recall of the warrants under Section 70(2) of India’s Criminal Procedure Code. The court noted that Shaik had repeatedly failed to appear, despite conditional orders and multiple chances to do so. Even at the designated call time of 12:15 PM, she remained absent, prompting the court to uphold the existing warrants. Hyderabad
A Web of Cases and Defrauded Dreams
The non-bailable warrants stem from several ongoing criminal cases, including a 2018 complaint filed by the Hyderabad Central Crime Station and a more recent case lodged earlier this year by the Economic Offences Wing. The next hearings for both matters are scheduled for June 3. Hyderabad
Nowhera Shaik faces serious allegations of running a Ponzi-style scheme through the Heera Group, which promised unrealistically high returns—monthly payouts of up to 36% and annual returns approaching 80%—across ventures such as Heera Gold, Heera Textiles, and Heera Foodex. Hyderabad
Among the more than 100,000 investors believed to be affected across South and Southeast Asia, hundreds are from the UAE. Many were drawn in by aggressive marketing campaigns touting returns of Dh3,250 per month on an investment of Dh100,000, locked in for just a year. Several victims reportedly invested life savings or borrowed large sums to buy in. Hyderabad
A Trail of Panic, Abandonment, and Ongoing Losses
Payouts abruptly stopped in 2018, sending shockwaves through the investor community. Shaik was arrested later that year and granted bail shortly after. Heera Gold’s UAE operations—including offices in Dubai’s Jumeirah Lake Towers and warehouses in Ras Al Khaimah and Sharjah—were later discovered abandoned.
Shahbaz Ahmad Khan, president of the All India Heera Group Victims Association and one of the key whistleblowers in the case, welcomed the court’s decision.
“She’s been dodging court appearances while thousands of lives were turned upside down,” Khan told Khaleej Times. “We welcome this move. It’s about time she’s held accountable.”
Khan also noted that new complaints continue to surface from UAE-based investors, with some victims reportedly losing homes or facing relentless pressure from creditors.
Legal Pressure Mounts
Earlier this year, the Indian Supreme Court ordered Shaik to deposit ₹250 million (around Dh10.57 million) within three months or risk cancellation of her bail—a directive she has yet to fulfill.
Meanwhile, the Enforcement Directorate has attached 124 properties linked to the Heera Group, including 28 seized in recent months. Legal analysts say the continued enforcement of non-bailable warrants is a significant turning point in the prolonged case.
“Considering the scale of fraud and the number of UAE victims, this case is a stark reminder of why investors must perform thorough due diligence,” said Farhat Ali Khan of Century Maxim International, a legal and business consultancy.
