Nowhera Shaik

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Nowhera Shaik
Nowhera shaik dr.jpg
Nowhera Shaik
OccupationFounder and CEO of The Heera Group President of All India Mahila Empowerment Party
AwardsRajiv Gandhi Shiromani,
The Mumbai Ratan (2013),
Bharat Gaurav (2014)
Business Leadership Icon Award (2017)[1]

Nowhera Shaik is an Indian businesswoman and the founder of "Heera Group", a gold investment scheme that was launched in South India in 2010.[2] She is also the President of All India Mahila Empowerment Party, a regional party in Southern India.

In 2018, Nowhera was arrested by Hyderabad Police on charges of cheating, criminal breach of trust and criminal intimidation for peddling ponzi schemes as halal investment programmes.[3][4]

Heera Group[edit]

As per its website, Heera Group claimed that it was a company with diversified operations in various sectors including gold importing, gold trading, textiles, jewellery, mineral water, granite, tours and travels, real estate and e-commerce. Heera Mart, the group's shopping mall is located at Kukatpally, Hyderabad.[5] As per the chargesheet filed by Telangana police at the behest of investors, its subsequent investigation, and the declaration by the company itself the company started operation in 2008 as a small import and export company called "Hera Exim", renting 5 shop spaces in malls in Hyderabad, namely F1, F2, F3, F14 and F15. The company subsequently bought these spaces, and sold them to Indian Overseas bank and Corporation bank for Rs. 4 crores, the beginning capital investment for the group's subsequent activities. Subsequently, the shop shifted to Poatpally, and opened a large head office and call center in Banjara hills, claiming to have international operations and floating investment schemes for small investors.

Flagship "halal" gold investment scheme[edit]

Its flagship gold investment scheme asked investors, mostly lower and middle class people, to invest Rs. 1 lakh. In return, as per the policy document, these investors received Rs. 3,000 per month, an ROI of 36% per annum. In 2018, investors began to have doubts in the company when it announced that it would instead pay its investors every 3 months. The company portrayed itself as "Islamic", halal and often used religious sentiment to lure customers.[2] This led to complaints from investors and a SEBI investigation. Earlier, in August 2012, police charges had been filed on it by Asaduddin Owaisi for cheating a number of small local investors from his constituency Hyderabad.[6] The company allegedly imported / smuggled large quantities of gold into India from Dubai and sold it in the local market. The company operated as a family concern, with Nowhera Shaikh, her husband Mohammed Sanaullah Qureshi (Salman) and their family members.

Other schemes[edit]

In 2015, Heera Group launched two of its projects: Heera Foodex and Heera Foodex manufactures, trades and export premium food products, in international market while provides an online shopping platform in a range of lifestyle and consumer products for residents of United Arab Emirates.[7]

The group sponsored the T10 League 2017, held during December 14–17, 2017, at Sharjah Cricket Stadium[8]

Political life[edit]

On 16 November 2017, Nowhera founded the All India Mahila Empowerment Party.[9] The party contested the 2018 Karnataka Legislative Assembly election[10] and fielded candidates for all 224 constituencies garnering 0.3% vote share.[11] The party contested from all the 119 constitutencies in the 2018 Telangana Legislative Assembly election and aims to contest in the 2019 Indian general election.[12]


After the 2018 Kerala floods, the Heera group donated 10,000,000 (US$140,000) to the Kerala Chief Minister’s Distress Relief Fund with Nowhera donating 100 tonnes of rice and commissioning a shelter for disaster affected children and women.[13][14]


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  2. ^ a b Dalal, Sucheta (5 July 2018). "Heera Gold investors panic over late payments and lack of answers over delays". Moneylife India.
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  6. ^ "Heera partners in row once again in trouble with a fresh dispute and a police case". Deccan Chronicle. 7 August 2016. Retrieved 30 January 2019.
  7. ^ Report), (Staff. "Heera Group makes foray into food trade, e-commerce". Retrieved 2018-01-11.
  8. ^ "Heera Group to back T10 Cricket League". Retrieved 2018-01-11.
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  14. ^$142860-for-Kerala-flood-victims