Wed Mar 05 12:32:09 UTC 2025: ## Supreme Court Ultimatum: Gold Scam Accused Must Pay Rs 25 Crore or Face Jail

**NEW DELHI** – The Supreme Court has issued a stark ultimatum to Nowhera Shaik, managing director of Heera Gold Exim Pvt Ltd, accused of defrauding lakhs of investors out of Rs 5,600 crore in a massive gold scam. Shaik must return Rs 25 crore to investors within three months, or face immediate arrest and imprisonment.

The court’s decision, delivered today by a bench headed by Justice JB Pardiwala, comes after Shaik repeatedly defied previous orders to repay the funds. The Enforcement Directorate (ED) has been instructed to take her into custody if the payment isn’t made within 90 days.

Justice Pardiwala stated that this is a final opportunity for Shaik. Her lawyer, senior advocate Kapil Sibal, argued that she lacks the funds. However, the ED countered this claim, highlighting the attachment of several of Shaik’s properties. While Shaik provided details of only three properties, two located in Telangana, are available for auction by the ED to recover the funds.

The scam, initially uncovered when investors began filing complaints in 2018, involved Heera Gold’s promise of a 36% dividend on investments. While initially fulfilling these promises, the company’s actions later led to Shaik’s arrest in October 2018. Investigations by the Serious Frauds Investigation Office (SFIO) are ongoing, with multiple cases pending in Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi. The SFIO continues its probe into the matter.

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