Special Correspondent Arun Sharma, Delhi

New Delhi: In a strongly worded order, the Supreme Court of India has directed Nowhera Shaik, Managing Director of Heera Gold Exim Pvt Ltd, to surrender within one week in connection with the alleged ₹10,000 crore gold ponzi scam. The Court made it clear that failure to comply will invite issuance of non-bailable warrants (NBW).


A Bench comprising J. B. Pardiwala and K. V. Viswanathan observed that the case involves large-scale financial fraud impacting thousands of investors, necessitating strict judicial intervention.


Key Judicial Observations
“Persistent non-cooperation” by the accused compelled the Court to adopt a strong view.
Case involves alleged fraud exceeding ₹10,000 crore
Earlier reliefs were misused due to non-compliance with conditions


The Enforcement Directorate (ED) informed the Court that multiple properties linked to the accused have been attached. However, liquidation efforts have faced hurdles, with only one out of three identified assets sold so far, while others remain disputed or held in relatives’ names.


The Court noted that although bail granted in January 2021 was cancelled in October 2024, limited relief was later extended based on assurances regarding asset disposal. However, the accused failed to adhere to those commitments.


Court’s Directions
Mandatory surrender within one week
Accused to be taken to the concerned office post-surrender for procedural compliance
Further relief contingent upon completion of asset sale process


During the hearing, the defence argued that assets were being auctioned at undervalued prices and that proceedings remain pending before competent authorities. The Court, however, rejected the contention, stating that the ED’s actions are in line with judicial directions and must be fully supported.


Why It Matters
The order underscores the judiciary’s zero-tolerance approach towards large-scale financial frauds and reinforces that investor protection remains paramount. The ruling sends a clear signal that delay tactics and non-compliance will not be entertained in high-value economic offences.