The Enforcement Directorate (ED) has taken major action in the Heera Group investment fraud case by arresting its chief, Nowhera Shaik. She was arrested from an Airbnb accommodation in Gurugram, Haryana, where she was allegedly living in hiding using fake identity documents.
According to the ED, the arrest was made under the provisions of the Prevention of Money Laundering Act (PMLA). After the arrest, she was brought to Hyderabad and produced before a special PMLA court, which sent her to judicial custody.
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Investigating agencies said the probe began on the basis of multiple FIRs registered in Telangana and Andhra Pradesh. It is alleged that more than 172,114 investors across the country were cheated of around ₹3,000 crore through investment schemes linked to the Heera Group.
As per the allegations, investors were lured with promises of returns of around 36% annually. However, neither the principal amount nor the promised returns were paid. The ED stated that funds collected from investors were allegedly diverted from company accounts to personal accounts and used for purchasing assets and other personal expenses.
The investigation further revealed that assets worth around ₹122 crore had already been auctioned. The court had directed Nowhera Shaik to cooperate in the execution of sale deeds related to these properties, but she allegedly failed to comply and obstructed the auction process.
The Supreme Court, in its order dated April 8, 2026, had taken serious note of the matter and directed her to surrender before jail authorities within one week and complete sale deed formalities for 16 auctioned properties within two months. It also warned of non-bailable warrants and cancellation of bail in case of non-compliance.
According to the ED, she neither surrendered nor complied with the court order. She later filed an affidavit claiming that jail authorities had refused to take her into custody, but the investigation found that she had not even approached prison officials.
Following this, the special PMLA court cancelled her bail and issued a non-bailable warrant against her on May 7. The agency said she had been hiding in Hyderabad and Bengaluru before being traced to Gurugram.
She was allegedly using a fake identity under the name “Shaik Khamar Jahan” and was found with an Aadhaar card in that name. Her associate Sameer Khan was also present at the time of arrest, and both are currently under questioning.
Another accused, Kalyan Banerjee, had earlier been arrested for allegedly impersonating a lawyer and attempting to interfere in auction proceedings linked to the case.
The ED stated that the case involves serious allegations of financial fraud and money laundering, where funds were collected from investors under a structured scheme and allegedly misused. The objective of the investigation is to trace illegal assets and confiscate proceeds of crime under PMLA provisions.
Officials said the investigation also indicates the use of multiple companies and layered transactions to conceal the movement of money. Investors were allegedly misled with assurances of high returns, leading to large-scale investments across several states.
When payments stopped, complaints were filed, exposing the alleged network. The case has since expanded into a nationwide investigation involving multiple financial trails and entities.
The agency is now examining digital transactions, bank records, and property deals in detail. Officials believe that further revelations may emerge as the investigation continues, potentially widening the scope of the alleged scam.
