The Enforcement Directorate (ED) may arrest Heera Gold’s Nowhera Shaikh and auction attached property as the Supreme Court gave its nod to the agency on Monday.
The apex court also declared that the matter will be taken up after eight weeks.
Properties auctioned in Heera Gold case
Till now, the ED has auctioned four properties related to the case and realized Rs 5.5 crore.
Earlier, her counsel told the apex court that Nowhera Shaikh is unable to arrange a deposit of Rs 25 crore. The deposit was ordered by the SC in November 2024 and March 5, 2025.
As she failed to deposit Rs 25 crore, the advocate from the ED side, Venkatesh, said that the agency can take action against Heera Gold’s Nowhera Shaikh under the Prevention of Money Laundering Act.
ED plan against Nowhera Shaikh
As per sources quoted by TOI, the agency is likely to file a petition in the local court to inform about the SC order.
The recovered money will be transferred to the Serious Fraud Investigation Office (SFIO) for disbursement to claimants.
It may be mentioned that the ED has been investigating Heera Gold, which was reportedly involved in collecting funds from investors with the promise of 36 percent returns annually.
It is alleged that later the funds were used to purchase movable and immovable properties in the name of Nowhera Shaikh, Heera Gold, and others.
