The Supreme Court ordered Noheera Sheikh, accused in a gold scam, to return ₹25 crore within 90 days or face imprisonment. She is implicated in a ₹5600 crore fraud and faces multiple FIRs.
Delhi News: The Supreme Court dealt a major blow to Noheera Sheikh, accused in a massive gold scam. The court ordered that if she fails to return ₹25 crore to investors within 90 days, she will be imprisoned. Sheikh, the Managing Director of Hira Gold Exim Private Limited, is accused of orchestrating a ₹5,600 crore gold scam.
FIRs Filed Across Multiple States
Noheera Sheikh is accused of defrauding millions of investors, leading to the filing of FIRs against her in several states. The case came to light in 2018 when investors filed complaints against her. Cases are pending in multiple states including Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.
Court Issues Strict Directives to ED
A bench headed by Justice JB Pardiwala of the Supreme Court directed the Enforcement Directorate (ED) to cancel Sheikh's bail and take her into custody if she fails to return ₹25 crore within three months. The court stated that she has been disobeying court orders since November 11, 2024, and is being given a final opportunity.
Noheera Sheikh Lacks Funds, Argues Kapil Sibal
Senior advocate Kapil Sibal, appearing for Noheera Sheikh, argued in court that she lacks the funds to repay investors. However, the ED reported that several of her assets have been seized. Despite this, a complete list of assets that could be auctioned has not been provided by Sheikh's representatives.
Information Provided on Only Three Properties
The ED's investigation revealed that Noheera Sheikh possesses numerous assets, but she has only disclosed information about three. Two of these properties are located in Telangana and are eligible for auction. The ED is now working to recover investor funds by selling these assets.
SFIO Investigating the Case
The Serious Fraud Investigation Office (SFIO) is also investigating the matter. Reports indicate that Hira Gold Company promised investors returns of up to 36%. Initially, the company did deliver profits, but later failed to return investor funds.
Major Revelation in 2018
The case against Noheera Sheikh and her company, Hira Gold, came to light in 2018 when thousands of investors filed fraud complaints. She was arrested in October 2018.
