ED Arrests Heera Group Chief Nowhera Shaik in Rs 3,000 Crore Investor Fraud Case Involving 1.72 Lakh Investors

Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has arrested Nowhera Shaik under the Prevention of Money Laundering Act (PMLA) in connection with the multi-crore Heera Group investment fraud case involving alleged cheating of more than 1.72 lakh investors across the country.

According to the ED, Nowhera Shaik was apprehended on May 21 from Gurugram and later produced before the Special PMLA Court in Hyderabad, which remanded her to judicial custody.

FIRs Registered by Telangana and Andhra Pradesh Police

The ED stated that investigations began based on multiple FIRs registered by Telangana and Andhra Pradesh Police against:

• Nowhera Shaik
• Molly Thomas
• Biju Thomas
• Heera Group companies

The agency alleged that the accused defrauded investors of more than Rs.3,000 crore.

According to the ED, deposits were collected from investors across India by promising returns of nearly 36 percent annually through investments in Heera Group companies. However, the promised profits and principal amounts were allegedly not returned.

ED Alleges Diversion of Investor Funds

ED officials alleged that the accused diverted investors’ money from company accounts into personal accounts and acquired huge movable and immovable assets using the alleged proceeds of crime.

During the investigation, the ED attached several properties linked to the case under PMLA provisions.

The agency also accused Nowhera Shaik of attempting to delay and derail the investigation by allegedly submitting false claims and affidavits before the Supreme Court of India.

Supreme Court Allowed Auction of Attached Properties

According to the ED, the Supreme Court of India later permitted the agency to auction attached properties even before completion of trial proceedings to facilitate repayment to investors through the Serious Fraud Investigation Office (SFIO).

The ED stated that:

• Several attached properties have already been auctioned
• Around Rs.122 crore has been recovered so far

Bail Cancelled, Non-Bailable Warrant Issued

The agency further alleged that Nowhera Shaik repeatedly failed to cooperate in executing sale deeds for auctioned properties and ignored court directions to surrender before jail authorities.

Following continued non-cooperation:

• The Special PMLA Court cancelled her bail
• A non-bailable warrant (NBW) was issued against her on May 7, 2026

ED Says Accused Was Hiding Under Fake Identity

ED officials alleged that Nowhera Shaik went absconding and was eventually traced to an AIR BNB property in Gurugram.

According to the agency, she was allegedly staying there under a fake identity using forged Aadhaar documents in the name of “Shaik Khamar Jahan” along with associate Sameer Khan.

A joint operation conducted by the ED and Haryana Police led to her arrest.

Another Accused Arrested Earlier

The ED also revealed that another accused, Kalyan Banerjee, was arrested earlier in January.

The agency alleged that he impersonated an advocate and attempted to interfere in ED auction proceedings connected to the case.

Investigation Continues

The ED confirmed that further investigation into the Heera Group investor fraud case is currently underway.

The Directorate of Enforcement arrested Nowhera Shaik in the Rs.3,000 crore Heera Group investor fraud case involving alleged cheating of over 1.72 lakh investors across India. She was arrested from Gurugram on May 21 and remanded to judicial custody by the Special PMLA Court in Hyderabad. The ED alleged diversion of investor funds, use of forged Aadhaar documents, and non-cooperation in the investigation, while confirming that further investigation is ongoing.

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