In a significant development in the Heera Gold case, the Supreme Court of India recently directed the Enforcement Directorate (ED) to initiate the auction of two key properties belonging to Nowhera Shaikh, Managing Director of Heera Gold Exim Private Limited.
This decision is aimed at helping investors recover some of the substantial funds lost in the alleged scheme.
The case against Nowhera Shaikh and Heera Gold centers on claims of fraudulent activity, as the company allegedly promised investors lucrative returns—up to 36 percent dividends—on investments in gold trading.
However, these returns never materialized, and investor funds were reportedly misused instead. As complaints mounted, multiple FIRs were filed across various states, leading to ongoing legal scrutiny of Heera Gold’s operations.