SC Warns Nowhera Shaik: Refund ₹25 Crore in 90 Days or Face Jail
Supreme Court directs ED to arrest gold scam accused if repayment deadline is missed
The Supreme Court on Wednesday issued a stern ultimatum to gold investment scam accused Nowhera Shaik, directing her to refund a portion of the money collected from investors within three months or face arrest. The court ordered that if ₹25 crore is not deposited with the Enforcement Directorate (ED) within 90 days, the agency must take her into custody immediately.
A bench led by Justice Sanjay Kishan Kaul made it clear that Shaik, who faces multiple allegations of duping thousands of investors through her company Heera Group, cannot escape liability any longer. "Enough is enough. Either the investors get their money back or you go to jail," the court observed.
Shaik and her firm are accused of collecting large sums from investors by promising high returns on gold investments, which authorities later flagged as fraudulent. Several criminal cases and complaints have been filed against her across different states, alleging cheating and criminal breach of trust.
The Supreme Court, which has been monitoring the repayment process, expressed dissatisfaction over the pace of refunds. Despite earlier assurances, the court noted that only a small fraction of the dues have been cleared so far.
Directing the ED to oversee the collection and disbursement of the funds, the court ordered that the ₹25 crore to be recovered within the next three months should be used to compensate aggrieved investors proportionately.
This latest order is seen as a final warning to Shaik. If she fails to comply, she will be remanded to judicial custody, and the authorities will proceed with stringent legal actions to recover the remaining dues from her assets. The case will be reviewed again after the deadline expires.
