Heera Group MD Held by ED Officials

In the ₹5,600 crore Heera Gold investment fraud case, Enforcement Directorate (ED) officials have arrested Nowhera Shaik. She, the Managing Director of Heera Group, was reportedly identified and taken into custody in Gurugram using a fake Aadhaar identity. She had been absconding for quite some time and is now being shifted to Hyderabad for further investigation.

The Heera Group is alleged to have collected around ₹5,000 crore from the public by falsely promising 36% annual returns. However, investors claim that neither the promised returns nor the principal amounts were returned. Based on multiple complaints from victims, the ED registered a case and launched a detailed investigation into the alleged financial fraud.