India's ED Moves Court To Arrest Heera Gold Founder As UAE Investors Await Justice

India's Enforcement Directorate (ED) has filed an affidavit in the country's Supreme Court seeking permission to arrest Nowhera Shaik , founder of the Heera Group, in a move that could have major implications for thousands of investors across South Asia and the Middle East, including the UAE.

Born in 1973, Nowhera first made headlines as the face of a self-styled women's empowerment movement and later as the leader of the All India Mahila Empowerment Party. But her public profile collapsed in 2018 when she was first arrested in connection with the Heera Gold investment scheme, accused of duping investors with promises of "halal" profits. She was arrested again in May 2025 on fresh warrants linked to ongoing fraud cases.

In its latest plea, the ED accuses her of obstructing efforts to recover nearly Dh2.3 billion from what investigators describe as one of India's largest Ponzi-style scams. The affidavit alleges she has defied court orders, threatened auction bidders, secretly sold attached properties, and spread misinformation online to undermine the legal process.

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Although Nowhera is already in Warangal Jail, Telangana, on non-bailable warrants in related cases, the ED is seeking custody under money-laundering laws to press ahead with restitution.

Under Nowhera's leadership, the Heera Group promoted a network of businesses, including Heera Gold, Heera Textiles, and Heera Foodex - that promised investors monthly returns of up to 36 per cent and annual payouts as high as 80 per cent. Marketed as“halal” and interest-free, the scheme drew in thousands of investors across India and the Middle East, many of them expatriates in the UAE.

When payouts abruptly stopped in 2018, panic spread. Several UAE residents lost their life savings , while others are still repaying loans they had taken to invest in Heera's schemes.

Shaik was granted bail in 2021 on the condition that she begin repaying investors. But the Supreme Court has repeatedly found her in breach. In March 2025, the court ordered her to deposit Dh104 million within 90 days, warning that failure would lead to immediate arrest and cancellation of bail.

Investigators say she ignored that order and further undermined the process by calling the court's directives“unlawful” in a press conference. Auctions of attached assets worth more than Dh208 million have also stalled amid her alleged interference.

The affidavit says Nowhera illegally sold three attached apartments in Navi Mumbai for nearly Dh8 million, concealing the proceeds from both the ED and the court. Buyers who came forward are now contesting ownership, complicating the auction process.

The agency also accused her of spreading“malicious content” online against both investigators and the judiciary. It has urged the Court to order the removal of such posts within 24 hours.

The matter is listed for hearing on September 16.

Whistleblower Shahbaz Ahmed Khan, president of the Heera Group Victims Association, told Khaleej Times, "We are watching the developments keenly. Investors are desperate for closure and repayment."

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