Hyderabad: The Directorate of Enforcement arrested Heera Group chief Nowhera Shaik in the multi-crore Heera fraud case involving alleged cheating of more than 1.72 lakh investors across India.
The ED Hyderabad Zonal Office arrested her under the Prevention of Money Laundering Act.
Officials apprehended Nowhera Shaik on May 21 from Gurugram in Haryana.
Later, investigators produced her before the Special PMLA Court in Hyderabad, which remanded her to judicial custody.
According to the ED, the investigation began following multiple FIRs registered by Telangana and Andhra Pradesh police.
The cases were filed against Nowhera Shaik, Molly Thomas, Biju Thomas and several Heera Group companies.
Heera fraud case involved Rs.3,000 crore allegations
Investigators alleged that the accused collected deposits exceeding Rs.3,000 crore from investors across the country.
According to the ED, investors were promised annual returns of nearly 36 per cent through investments in Heera Group companies.
However, the promised returns and principal amounts were allegedly not repaid.
The agency said the accused diverted investor funds from company accounts into personal accounts.
Officials further alleged that huge movable and immovable assets were acquired using the proceeds of crime.
During the investigation, the ED attached several properties linked to the case under provisions of the PMLA.
Heera fraud case led to property auctions
The ED alleged that Nowhera Shaik attempted to delay the investigation by filing false claims and affidavits before the Supreme Court.
Later, the Supreme Court permitted the agency to auction attached properties before completion of the trial.
The court allowed the process to facilitate repayment to investors through the Serious Fraud Investigation Office.
So far, the ED has auctioned several properties and recovered nearly Rs.122 crore.
Investigators also alleged that Nowhera Shaik repeatedly failed to cooperate in executing sale deeds for auctioned properties.
According to officials, she also ignored court directions to surrender before jail authorities.
Heera fraud case accused traced to Gurugram
Following continued non-cooperation, the Special PMLA Court cancelled her bail on May 7, 2026.
The court also issued a non-bailable warrant against her.
ED officials said she later went absconding.
Investigators eventually traced her to an AIR BNB property in Gurugram.
According to the agency, she was allegedly staying under a fake identity using forged Aadhaar documents in the name of “Shaik Khamar Jahan.”
Officials also alleged that she stayed there along with associate Sameer Khan.
A joint operation by the ED and Haryana Police resulted in her arrest.
Meanwhile, the ED said another accused, Kalyan Banerjee, was arrested earlier in January.
Investigators alleged that he impersonated an advocate and attempted to interfere in ED auction proceedings linked to the case.
Further investigation is underway.