UAE expats who lost millions of dirhams welcome court action against Heera Group founder
The Nampally metropolitan sessions court dismissed four separate petitions filed by Shaik on May 19, under Section 70(2) of the Indian Code of Criminal Procedure, which allows an accused to seek recall of a non-bailable warrant.
The court noted that Shaik failed to appear despite conditional orders and multiple opportunities. Her absence was recorded even at the scheduled call time of 12.15pm. With the petitions dismissed, the previously issued non-bailable warning against her remain in force.
One of the cases stems from a 2018 complaint filed by the Hyderabad Central Crime Station (CCS), while another relates to a fresh case lodged earlier this year by the Economic Offences Wing. The next hearing in both matters is scheduled for June 3.
Shaik, who is facing multiple criminal proceedings across India, is accused of orchestrating a Ponzi-style scheme that promised investors monthly payouts of up to 36 per cent and annual returns as high as 80 per cent through various ventures under the Heera Group banner, including Heera Gold, Heera Textiles, and Heera Foodex.
Among the 100,000-plus investors allegedly defrauded by the group across South East Asia, hundreds are from the UAE — many of whom pumped in life savings or took loans to invest. Some were lured by flashy marketing campaigns promising Dh3,250 in monthly returns on a Dh100,000 investment with a one-year lock-in.
The company abruptly stopped payouts in 2018, sparking panic. Shaik was arrested later that year and subsequently released on bail. Heera Gold's UAE operations, including offices in Jumeirah Lake Towers and warehouses in Ras Al Khaimah and Sharjah, were later found abandoned.
Shahbaz Ahmad Khan, president of the All India Heera Group Victims Association and a key whistleblower, welcomed the latest court action.
'She kept dodging court appearances, buying time while people's lives were wrecked. We welcome the non-bailable warrant. It's high time she is held accountable,' Khan told Khaleej Times.
Khan said he has received fresh complaints from UAE residents who invested in Heera schemes. 'People are still reeling from the losses. Some have even lost homes and are being hounded by creditors,' he said.
Earlier this year, the Indian Supreme Court directed Shaik to deposit Rs250 million (approximately Dh10.57 million) within three months or risk cancellation of her bail, a directive she has yet to comply with.
Meanwhile, the Enforcement Directorate has attached 124 properties linked to the Heera Group, including 28 in recent months. Legal experts say the continued enforcement of non-bailable warrants marks a significant step, following her prolonged defiance.
'Given the number of victims in the UAE, the case is a reminder that due diligence is critical,' said Farhat Ali Khan of legal and business advisory firm Century Maxim International (CMI).
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