India’s Supreme Court warns Heera Gold founder Nowhera Shaik of bail cancellation if ₹25 crore is not paid within two months, amid fraud investigations and investor claims.

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Court Takes Serious Note of Repeated Violations in Multi-State Investment Fraud Case

New Delhi, India: The Supreme Court of India has issued a strong warning to Nowhera Shaik, founder of Heera Gold Exim Private Limited, stating that her interim bail will be canceled if she fails to deposit ₹25 crore within two months.

The directive comes after repeated violations of court orders, including a previous extension granted on November 11, 2024, on the condition of payment.

“We reiterate that if the amount of ₹25 crores is not deposited within two months, the bail shall stand canceled,” the Court emphasized in its latest order.

Background of the Heera Gold Scam Case

Heera Gold Exim Private Limited, a gold trading company, allegedly amassed substantial public deposits by promising investors a 36% return on investment.

However, the company defaulted on dividend and maturity payments, leading to investor complaints across Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.

Following multiple fraud allegations, the Serious Frauds Investigation Office (SFIO) launched an investigation into Nowhera Shaik and Heera Gold, which remains ongoing.

Several criminal cases related to the matter are still pending across multiple jurisdictions in India.

Supreme Court’s Bail Conditions and Violations

In January 2021, the Supreme Court granted Nowhera Shaik interim bail on the condition that she settle the claims of the affected investors.

The Court explicitly warned that failure to comply would result in her immediate custody with minimal chance of future bail consideration.

Despite this, the Court has observed multiple violations of its orders since November 2024, when it extended the surrender deadline while mandating the deposit of ₹25 crore.

With no substantial progress in fulfilling the payment requirement, the Court has reiterated its stance on strictly enforcing the bail conditions.

Legal and Investor Implications

This latest warning underscores the Supreme Court’s firm stance on financial fraud cases and investor protection.

Thousands of investors who placed their trust and savings in Heera Gold await justice as legal proceedings progress.

With the Court’s latest directive, Nowhera Shaik faces an imminent risk of bail cancellation, which could significantly impact the ongoing investigations and investor compensation efforts.

The matter remains under close legal scrutiny as the compliance deadline approaches.