The woman at the center of a massive investment scam that left thousands of UAE-based investors in financial ruin has been arrested in India.
Nowhera Shaik, founder and managing director of Heera Gold Exim Pvt Ltd, was taken into custody on Tuesday by India’s Enforcement Directorate in Bhubaneswar. Her arrest stems from multiple non-bailable warrants related to long-standing fraud cases linked to her controversial gold investment schemes.
Authorities allege that Shaik ran a multi-layered Ponzi-style operation under the banner of the Heera Group, luring over 100,000 investors with promises of extraordinary monthly returns of up to 36%—and annual payouts of as much as 80%—through companies like Heera Gold, Heera Textiles, and Heera Foodex. Many of the victims are overseas Filipino and Indian workers based in the UAE, several of whom have lost their life savings and remain saddled with debt.
According to Deputy Commissioner of Police N. Swetha of the Hyderabad Central Crime Station (CCS), Shaik was tracked down in the Surajkund area of Faridabad and is being transported to Hyderabad to face court proceedings.
The arrest follows an October 2024 Supreme Court order canceling her bail and instructing her to surrender. Despite repeated summons, Shaik failed to appear in court. In March 2025, the court mandated her to repay Rs 250 million (roughly Dh10.5 million) within three months or face arrest. Authorities confirmed she did not comply.
“She kept dodging court appearances while people’s lives were falling apart,” said Shahbaz Ahmad Khan, president of the All India Heera Group Victims Association, in an interview with Khaleej Times. “It’s high time she is held accountable.”
Khan, who has been a vocal whistleblower in the case, noted that the damage continues years after the company ceased payouts in 2018. “People are still reeling. Some have even lost their homes.”
Since her first arrest in 2018, Shaik has faced mounting legal pressure. The Enforcement Directorate has already seized over 120 of her properties, with 28 additional assets recently attached.
