Updates on the Supreme Court’s decision regarding Heera Group.

Nowhera shaik
 Supreme Court's decision

On Friday, 31st Jan 2023, the Supreme Court decided to lift the Enforcement Directorates’ (ED) attachment of the well-known Heera Group’s properties.

In connection with an investment fraud case in which a person named Dr Nowhera Shaik and others have been charged, the Enforcement Directorate (ED) announced on Wednesday that it had attached immovable and movable assets worth Rs. 78.63 crores. Cited as the accuser.

Heera Group has provided the SC with information totalling Rs 641 crores to protect investors’ interests about claims totalling roughly Rs 400 crores.

The CEO of Heera Group, Dr. Nowhera Shaik, commented on the historical verdict that was delivered in the first week of December, saying, “It is nothing but pure Heera and we are finally vindicated.”

Details of the proceeding of the case:

The Supreme Court order from earlier that day, on March 24, 2022, had stated that “the petitioners again state that they have no objections as long as any of the properties numbering 87 attached are sold transparently and as per a reasonable market price and they will also assist the SFIO in that process.”

In a ruling on November 10th, the SC Division Bench stated, “FSL Lab is concerned because even though the story is almost four years old, the report has not yet arrived. As stated by the petitioners (SFIO), some of the issues raised by the tax consultant also stem from the seizure of the computers and the same lying with the FSL lab. As a result, SFIO once again raises the issue of ensuring that finality is put to the issue of the FSL report.”

As Justice SK Kaul had said, “Finding evidence takes a long time—two years. Our sympathies will then undoubtedly be with the Heera gang “.

Dr Nowhera Shaik’s statement regarding the highlights

Investors were reassured by Dr Nowhera Shaik that their claims will be resolved more quickly. One property out of 87, was found valued at Rs.800 crores. This was enough to satisfy all claims.

Heera Group, since its initial days, followed an interest-free business model as stated by Dr Nowhera Shaik time and again. She elaborated that the offer of Tolichowki, Hyderabad to keep the trust and confidence of its investors intact.

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