The court instructed ED and Telangana govt to investigate the status of these properties. On reviewing the reports, the court found two of the properties —Naina Towers and another — were free from encumbrance and ordered their auction. The court did not issue a ruling on the third property, as it remains under review.
ED has been permitted to proceed with the auction process, including setting a reserve price after consultation with a govt-approved valuer. The Supreme Court clarified that any claims to these properties must be addressed in civil court and that it would rely on reports from ED and the Telangana govt. The court emphasised that the recovered funds should be directed towards investor repayment.
The SC also set a one-month timeframe to monitor further developments in the case. The modus operandi of the Heera Gold fraud involved enticing investors with promises of high returns, 36% on their investments in gold trading through Heera Gold Exim Private Limited. The company allegedly collected substantial deposits from investors across several states. However, instead of delivering the returns Heera Gold reportedly misused the funds. As complaints from defrauded investors mounted, allegations of fraud and cheating led to investigation revealing the deceptive methods used to sustain the scheme without the promised payouts. On Jan 19, 2021, the Supreme Court had granted interim bail to Nowhera on the condition that she settle the claims with the investors. The bail was extended multiple times and made absolute on Aug 5, 2021. However, on Oct 18, 2024, the apex court cancelled her bail after she failed to raise 580 crore to repay investors. She was ordered to surrender within two weeks, though this period was later extended by three months in response to a miscellaneous application.
Supreme Court directed ED to auction the two properties. The auction process is likely to conclude in three months.
