Heera Gold scam accused Nowhera Shaik gets interim bail

Hyderabad: The Supreme Court on Tuesday granted interim bail to Heera Gold scam accused Nowhera Shaik. The court gave six weeks’ time to her to return the money of the investors who have registered complaints against her.

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According to the Times of India report, she is accused of collecting Rs. 5600 crore from 1.72 lakh investors. The investments were collected in the name of a gold Ponzi scheme.

Rise and fall of Nowhera Shaik

Nowhera Shaik is a resident of Hyderabad and had started a group by name Heera Group in 2010 that founded 15 companies. In 2017, she tried to enter politics too by floating a party by name All India Mahila Empowerment Party.

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Her party had also fielded candidates on 221 out of 225 seats in Karnataka Assembly election.

In October 2018, she was arrested after many investors lodged complaints against her.

Six weeks’ time

Now, the court while granting bail said that Nowhera Shaik will be sent back to jail if she fails to show her bona fides to settle investors’ claims in six weeks.

Apart from it, she was asked to furnish a personal bond, make undertaking in front of District Judge or Superintendent and report at Kukatpally Police Station every Monday.

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Sameer Khan

Sameer Khan is a native of Hyderabad with an M.Tech degree. He has been with Siasat since 2011. He covers stories on Hyderabad, Business, Sports and Technology.
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