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The Supreme Court has directed Heera Group chief Nowhera Shaik to surrender before authorities within a stipulated period, while making any future consideration of bail contingent upon her cooperation in executing pending property sale deeds. The order, issued in the past week, forms part of ongoing proceedings in a large-scale investor fraud case involving alleged collections exceeding INR 10,000 crore. The Enforcement Directorate (ED) informed the court that several sale deeds linked to auctioned properties remain unexecuted despite receipt of full consideration. The court also outlined a timeline for completion of these transactions, with provisions for intervention by court authorities in case of non-compliance. The matter relates to recovery efforts for investors affected by the alleged scheme and enforcement of property disposals tied to attached assets.
The Supreme Court, in the past week, directed Nowhera Shaik, chief of the Heera Group, to surrender before the concerned authorities within a week, while linking any future grant of bail to her cooperation in executing pending sale deeds of properties attached and auctioned as part of an ongoing fraud investigation. Advertisement
The direction was issued by a bench of Justices J B Pardiwala and K V Viswanathan during proceedings related to recovery of funds in connection with a large-scale investor fraud case. The court noted that Shaik had not been cooperating in the execution of 16 sale deeds in favour of auction purchasers, despite the Enforcement Directorate (ED) having already received the full sale consideration for these properties.
The bench observed that failure to comply with the surrender directive would result in the issuance of a non-bailable warrant. It further clarified that any subsequent plea for bail would be considered only after Shaik demonstrates willingness to complete the pending sale transactions and associated legal formalities.
The court also established a timeline for completing the execution of sale deeds, indicating that if the process is not concluded within a specified period, the court's Registrar could be authorised to carry out the execution to ensure closure. The measure is aimed at facilitating transfer of ownership to auction purchasers and advancing recovery proceedings for affected investors.
The case pertains to allegations of a large-scale financial scheme operated by the Heera Group, under which funds were mobilised from investors with assurances of high returns. Investigating agencies, including the ED, have stated that thousands of investors were affected, with the alleged scale of the fraud estimated at over INR 10,000 crore.
The ED has attached multiple properties linked to the case and initiated auction proceedings as part of efforts to recover dues and compensate investors. However, delays in execution of sale deeds have hindered the completion of these transactions, prompting the agency to raise concerns before the court regarding lack of cooperation.
The court, while addressing these concerns, emphasised the need for timely execution of property transfers to ensure that auction purchasers obtain clear title and that recovery mechanisms function effectively. It indicated that continued non-compliance would not be condoned, given the scale of the alleged fraud and the number of investors involved.
The proceedings form part of a broader set of judicial and enforcement actions concerning the Heera Group, where multiple agencies have been investigating financial irregularities, attachment of assets and restitution measures. The Supreme Court's latest directive seeks to expedite the process of converting attached assets into realised value through legally completed transactions, thereby advancing compensation efforts for affected stakeholders.
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