The Supreme Court has directed Nowhera Shaik, managing director of Heera Gold Exim Private Limited, to surrender within a week and cooperate with the Enforcement Directorate (ED) in executing sale deeds.
Shaik is accused of duping thousands of investors in a gold ponzi scheme, with estimated losses of over ₹10,000 crore.
The court had granted bail to Shaik in January 2021 but cancelled it in October 2024 after she failed to cooperate with the ED in executing sale deeds.
The ED has identified 90 more properties for auction and has accused Shaik of not cooperating with the execution of sale deeds relating to 16 properties.
Shaik has argued that the ED is auctioning properties at a throwaway price and that the Prevention of Money Laundering Act (PMLA) tribunal is yet to approve the provisional attachment of properties.
The court has directed Shaik to be escorted from the jail to the sub-registrar office to execute the sale deeds once all formalities are completed.
