HYDERABAD: The Supreme Court on April 8 directed Heera Group chief Nowhera Shaik to surrender before the concerned jail authorities within a week.
It warned that failure to comply would invite a non-bailable warrant.
A bench of Justices JB Pardiwala and KV Viswanathan said it would consider any future bail plea only if she cooperates in executing 16 pending sale deeds for auction purchasers.
Court sets two-month deadline
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The court said Shaik had failed to cooperate in executing the sale deeds, even though the Enforcement Directorate (ED) had received the full sale consideration. It described the case as a large-scale fraud involving thousands of investors, pegged at around ₹10,000 crore.
The bench said Shaik's counsel can inform the ED of her willingness to proceed after she surrenders. Authorities may then escort her to the sub-registrar's office to complete the formalities.
The court said Shaik can approach it again for bail after completing all 16 sale deeds.
Registrar may step in
The court set a two-month deadline from April 8 to complete the process. If Shaik fails to execute the sale deeds within this period, the court will direct its Registrar to complete the execution.
Shaik's counsel alleged that the ED misled the court. He claimed one property had already been registered and another was not in her name. The ED said more properties still need auction.
ED, SFIO probe fraud
The ED and the Serious Fraud Investigation Office (SFIO) are probing the
Earlier, the ED provisionally attached assets worth about ₹400 crore under the Prevention of Money Laundering Act (PMLA). Authorities later confirmed the attachment and filed a prosecution complaint before a special PMLA court in Hyderabad.