Swindled money from large number of expats including Malayalis; Heera Group founder Nowhera Shaik arrested

DUBAI: Nowhera Shaik, the founder of the Heera Group, has been arrested in India in connection with a massive financial fraud that allegedly duped thousands of investors, including many Malayalis. Authorities estimate the fraud to be worth approximately Rs 5,600 crore. A large portion of the victims are expatriates, particularly those residing in the UAE. Non-bailable warrants had been issued against Shaik in connection with fraud cases dating back to 2018.

Nowhera Shaik was taken into custody yesterday evening by officials from the Hyderabad Central Crime Station while she was travelling through the Surajkund area of Faridabad. Shweta, the Deputy Commissioner of the Central Crime Station, stated that Nowshera will be brought to Hyderabad and presented before the court. In 2024, the Supreme Court had cancelled her bail and ordered her to surrender. Her failure to comply with the court's directive led to her arrest.

Through businesses such as Heera Textiles, Heera Gold and Heera Foodex, Shaik allegedly lured investors by promising monthly returns of up to 36%. In 2018, the company abruptly stopped payouts, raising concerns among investors. Many in India had also invested in the scheme. Nowhera Shaik was first arrested in 2018 and was later released on bail.