New Delhi: The Supreme Court on Friday granted regular bail to Nowhera Shaikh, who was arrested in an alleged Heera gold scam case. 

Nowhera Shaikh was arrested in 2018 in connection with the gold ponzi scheme case. The Supreme Court has granted interim bail to her on January 20, 2021. Justice Sanjay Kishan Kaul and Justice Hrishikesh Roy granted regular bail to her and directed the authorities to resolve the issue with 6 weeks. Depositos have approached the court seeking refund of their amount.

Meanwhile, the court has recorded the submission of Additional Solicitor general Surya Prakash, submits that he will endeavor to coordinate with the state authorities and the private respondents to see if workable arrangements can be made to look into the interest of the investors so that the maximum amount be paid to the investors to the extent it is feasible. 

However, the court has directed the Telangana government to coordinate with the Additional Solicitor General in the matter. 

Court has expressed its displeasure over the Telangana government for not filing FSL report to the court even after two years of the arrest of the accused.

Court further observed that “unless learned counsel come up with some arrangements which can then receive an imprimatur of the court, we will confine ourselves strictly to what the issue which has been urged in these two petitions”.

The case: Nowhera Sheik is accused of collecting Rs. 5600 crore deposits from 1.72 lakh investors in the name of the gold ponzi scheme. It was also alleged that she was heading 15 companies under different names, which started operation from 2010. In 2018 she entered politics. In the 2018 Karnataka Assembly elections, her All India Mahila Empowerment Party has contested 221 seats out of 224 seats in the Assembly. Police have alleged that the Heera group has more than 160 bank accounts across India. 

She was arrested by the Economic Offences wing of Mumbai Police in October 25, 2018, on a complaint filed by an investor Shane Elahi.