The Directorate of Enforcement (ED) has arrested Heera Group chief Nowhera Shaik from Gurugram in connection with an alleged ₹3000 crore investment fraud case involving nearly 1.72 lakh investors across the country.
According to the agency, Shaik had been absconding and was allegedly using fake identities and forged documents to evade arrest. She was taken into custody on May 21 following a joint operation carried out by the ED and Haryana Police in Gurugram. She has since been brought to Hyderabad.
The ED investigation stems from FIRs registered by the Telangana and Andhra Pradesh Police. During the probe, the agency alleged that Shaik and her associates collected over ₹3,000 crore from investors by promising annual returns of nearly 36 per cent.
Investigators alleged that the promised returns were never paid back and that funds were also collected from NRIs residing in the UAE, Saudi Arabia and other Middle Eastern countries.
According to the ED, the Heera Group had no genuine business operations and investor money was allegedly diverted into personal accounts before being used to acquire movable and immovable properties.
The agency further claimed that Shaik had floated 24 companies and operated 182 bank accounts across India. Several foreign bank accounts were also allegedly used during the transactions under investigation.
The ED had earlier attached multiple properties allegedly linked to proceeds of crime. Following directions from the Supreme Court, the auction process of these properties had also begun.
However, the agency alleged that Shaik repeatedly failed to cooperate with the auction proceedings and attempted to obstruct the process. Taking note of her conduct, the Supreme Court cancelled her bail and directed her to surrender within a week.
Despite the court order, Shaik allegedly remained absconding, following which a Special PMLA Court in Hyderabad issued a non-bailable warrant against her on May 7, 2026.
Acting on fresh intelligence inputs about her location in Gurugram, the ED conducted the joint operation with Haryana Police that ultimately led to her arrest.
The agency said further investigation in the case is underway.
