The Supreme Court has presented two choices to a gold scam accused—either repay ₹25 crore to investors within three months or face imprisonment. 

Nowhera Shaik, the managing director of Heera Gold Exim Pvt Ltd, is accused of defrauding lakhs of investors of ₹5,600 crore. Multiple FIRs have been registered against her across various states.

During today's hearing, the Supreme Court directed the Enforcement Directorate (ED) to take Nowhera Shaik into custody if she fails to refund ₹25 crore to investors within 90 days.  

A bench led by Justice JB Pardiwala observed that Shaik has repeatedly defied court orders since November 11, 2024, when her surrender deadline was extended on the condition that she make the payment.

"We propose as a last opportunity to the accused that an amount of Rs 25 crore shall be deposited by her within a period of three months, failing which her bail shall stand automatically cancelled and she would be sent back to jail by the ED," Justice Pardiwala said.

Senior advocate Kapil Sibal, representing Nowhera Shaik, informed the court that she has no money. 

However, the Enforcement Directorate (ED) countered this claim, stating that several of her properties have been attached. Despite being asked to provide a list of unencumbered properties for auction, her lawyer did not disclose them.  

Shaik shared details of only three properties, of which two, located in Telangana, can be auctioned by the ED.  

The Serious Fraud Investigation Office (SFIO) is investigating the case involving Heera Gold and its managing director, with the probe still ongoing.  

Multiple cases against Shaik are pending in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.  

Heera Gold, which dealt in jewellery and gold articles, had introduced investment schemes promising a 36% dividend. While initial payouts were made, complaints of fraud surfaced in 2018, leading to Shaik's arrest in October that year.