Nowhera Shaik arrested by ED in Gurugram over Ponzi scheme
Business
Nowhera Shaik, founder of Heera Group, was arrested by the Enforcement Directorate (ED) in Gurugram after evading investigators.
She was accused of running a massive Ponzi scheme and hiding under a fake identity with forged documents.
The Supreme Court had canceled her bail earlier, and a Hyderabad court issued a nonbailable warrant against her.
Nowhera Shaik properties worth 428cr attached
Shaik was brought to Hyderabad for court proceedings.
The ED said she lured people nationwide with promises of 36% annual returns but never paid them back.
Properties worth ₹428 crore were attached, and auctions have recovered ₹122 crore so far, though Shaik allegedly tried to block these sales, slowing down compensation for victims.