The Enforcement Directorate (ED) of India has submitted an affidavit to the Supreme Court, requesting permission to arrest Nowhera Shaik, the founder of the Heera Group. This move could significantly impact thousands of investors throughout South Asia and the Middle East, notably in the UAE.
Born in 1973, Nowhera initially gained attention as the leader of a women’s empowerment initiative and later as the head of the All India Mahila Empowerment Party. However, her reputation took a hit in 2018 when she was arrested for the first time in relation to the Heera Gold investment scheme, accused of misleading investors with promises of “halal” profits. She was rearrested in May 2025 on new warrants connected to ongoing fraud investigations.
The ED’s current plea accuses her of obstructing the recovery of nearly Dh2.3 billion from what is described as one of India’s most significant Ponzi-style schemes. The affidavit claims she violated court orders, intimidated auction bidders, secretly sold attached assets, and spread misinformation online to hinder legal proceedings.
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Even though Nowhera is already incarcerated in Warangal Jail, Telangana, on non-bailable warrants related to these cases, the ED seeks custody under anti-money laundering laws to advance restitution efforts.
Under her leadership, the Heera Group managed a range of businesses, including Heera Gold, Heera Textiles, and Heera Foodex, offering investors monthly returns of up to 36% and annual payouts as high as 80%. Marketed as “halal” and interest-free, the scheme attracted thousands of investors across India and the Middle East, many being UAE expatriates.
When payouts suddenly stopped in 2018, panic ensued. Several UAE residents lost their life savings, and others are still repaying loans taken to invest in Heera’s schemes.
Court ultimatum ignored
Shaik was granted bail in 2021 on the condition that she start reimbursing investors. However, the Supreme Court has repeatedly found her in violation. In March 2025, the court ordered her to deposit Dh104 million within 90 days, with a warning that non-compliance would lead to immediate arrest and bail revocation.
Investigators report she ignored this directive and further disrupted the process by labeling the court’s orders as “unlawful” during a press conference. Auctions of attached assets valued over Dh208 million have also been stalled due to her alleged interference.
The affidavit indicates Nowhera illegally sold three attached apartments in Navi Mumbai for nearly Dh8 million, hiding the proceeds from both the ED and the court. Buyers who have come forward are now disputing ownership, complicating the auction proceedings.
The agency also accused her of disseminating “malicious content” online against both investigators and the judiciary, urging the Court to order the removal of such posts within 24 hours.
The hearing is scheduled for September 16.
Whistleblower Shahbaz Ahmed Khan, president of the Heera Group Victims Association, told Khaleej Times, “We are monitoring developments closely. Investors are eager for resolution and repayment.”
