Hyderabad | May 2026:
The Enforcement Directorate (ED) has arrested Hyderabad-based businesswoman and Heera Group founder Nowhera Shaik in connection with a massive alleged Ponzi scam estimated at around ₹5,900–₹6,000 crore, officials said.
According to investigators, Shaik was taken into custody from a hideout in Gurugram following coordinated action by the ED and Haryana Police. She is accused of defrauding nearly 1.7 to 2 lakh investors across India through investment schemes promising unusually high returns.
Allegations of large-scale fraud
The ED claims that the Heera Group collected thousands of crores from investors by offering returns of up to 36% annually, but failed to repay both principal and promised profits. The funds were allegedly diverted into multiple assets and personal expenditures.
Authorities also stated that several properties linked to the case have already been attached and some assets auctioned to recover investor money
.Background of the case
Nowhera Shaik, who founded the Heera Group of Companies, has faced multiple investigations over the past several years involving allegations of financial irregularities and illegal deposit schemes. The current arrest comes after a renewed crackdown under the Prevention of Money Laundering Act (PMLA).
ED investigation continues
Officials said further investigation is underway to trace the flow of funds, identify additional beneficiaries, and recover assets for repayment to affected investors. Shaik has been sent to judicial custody, and agencies are expected to expand the probe into associated entities and alleged accomplices.
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