SC orders Heera Gold property auction, asks Nowhera Shaikh to deposit amount

Hyderabad Desk

In a significant development in the Heera Gold case, the Supreme Court of India recently directed the Enforcement Directorate (ED) to initiate the auction of two key properties belonging to Nowhera Shaikh, Managing Director of Heera Gold Exim Private Limited.

This decision is aimed at helping investors recover some of the substantial funds lost in the alleged scheme.

The case against Nowhera Shaikh and Heera Gold centers on claims of fraudulent activity, as the company allegedly promised investors lucrative returns—up to 36 percent dividends—on investments in gold trading.

However, these returns never materialized, and investor funds were reportedly misused instead. As complaints mounted, multiple FIRs were filed across various states, leading to ongoing legal scrutiny of Heera Gold’s operations.

Encumbrance-free properties of Heera Gold’s Nowhera Shaikh

The recent court ruling authorizes the ED to auction two of Shaikh’s properties, including Naina Towers, which were deemed free from any encumbrance. This auction aims to recover and deposit approximately Rs 25 crore with the ED within the next three months, with the primary goal of repaying investors who suffered losses.

The court stipulated that any other claims on these properties must be resolved through civil courts.

The auction process involves setting a reserve price with the assistance of a government-approved valuer, ensuring that the properties are sold at a fair market rate.

Extended surrender period

In October, the Supreme Court canceled the bail of Heera Gold’s Nowhera Shaikh due to her failure to fulfill a prior condition: raising Rs 580 crore to settle outstanding claims by property auction, etc.

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She was ordered to surrender within two weeks.

However, in a recent hearing, her counsel, Senior Advocate Kapil Sibal, filed a miscellaneous application requesting an extension, which the court approved. The surrender period was thus extended, giving her additional time as her case continues through the legal system.


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