Heera Gold Chairman Dr Nowhera Shaikh arrested in HyderabadCurrent Affairs 

Heera Gold Chairman Dr Nowhera Shaikh arrested in Hyderabad

Hyderabad: Hyderabad police today arrested Dr Nowhera Shaikh, chairman of the Heera Islamic Business Group aka Heera Gold. She is accused of collecting hundreds of crores from thousands of Muslims across the country.

Police Commissioner Anjani Kumar confirmed the report while speaking to media persons. Police also searched her residence in the city, the Commissioner said.


Heera group collected crores of rupees from the people by luring to pay more interest than usual. There have been several cases registered against Heera Group in Hyderabad, Bengaluru, and Mumbai.

The Group claims to be a gold trading company with business all over the world. In the past four years, the lack of any enforcement action by investigation agencies has allowed it to grow rapidly and diversify into diverse business.

Investors of the Heera Group had earlier protested against the delayed payments following a financial crunch faced by the company.

Last month, over a 100 victims of Heera Gold held public protests in Hyderabad along with victims and investors from other parts of India.

Thousands of investors of Heera Gold are in a panic since past several months over payment delays and rumours about financial difficulties faced by the group, which has amassed vast sums of money by specifically targeting the Muslim community by invoking the name of “Allah” in its sales pitch.


In 2017, CEO of Heera Gold formed the All India Mahila Empowerment Party under the banner of justice for humanity. The party contested 221 out of the 225 seats and couldn’t manage to secure single seat. It is rumoured to have lost large sums of money which has triggered panic among people who want their money back.

The Heera Group began its operations in 2010 and since then, claims to have created 25 legal entities. From which, only 10 were found to be registered on Registrar of Companies (ROC), Hyderabad and only four are found to have filed Balance Sheets (FY2012-13). The company is not registered under FCRA.