Nowhera Shaik is a millionaire entrepreneur, Indian politician, and CEO of the Heera Group of Companies. Though widely known as a figurehead of peace and philanthropy, Mrs. Nowhera has been embroiled in deep controversy for the past few years.
As of 2018, the Heera Group was accused of numerous false charges of a Ponzi scheme which tremendously tarnished the company name. Founder and CEO, Nowhera Shaik was also held in custody for over two years, thus, significantly tarnishing the company name. During such a phase of controversy, investors in the company lost significant amounts of money which in turn added fuel to the fire.
Supreme Court Ruling
Following the Supreme Court’s order of 24th March 2022, the Heera Group of Companies won the case. The SC informed FSL that there had been no progress in the data center’s restoration to date and that Heera Group might now send their engineers to complete the data restoration.
The Supreme Court dismissed all new applications and moved all of Heera Group’s existing and new matters to a single investigative agency, the Serious Fraud Investigation Office, in a landmark victory for the company (SFIO). The claims are already being investigated by the SFIO. The court has ordered Heera Group to send Technical Staff to SFIO and retrieve members’ data in order to resolve their claims.
According to Hon’ble Justice Sanjay Kishan Kaul, the Heera group can choose from 84 properties to settle the claim of their demanding members. Immediately after the court’s verdict “The Heera Group, is constantly working to refund investors’ hard-earned money, and the company will reimburse those investors who are in need throughout the month of Ramadan”, said CEO Nowhera Shaik.
As of the 8th of April, thousands of investors received their 20% income from the Heera group as promised in the month of Ramadan. Nowhera Shaik admits that the Heera Group has had a difficult time in the last three years because of vested interests charges that led to her detention. “That was an injustice,” but now that the Supreme Court has ruled, Heera Group will resume normal operations soon.