Hope for Heera Group Victims with Auction
Victims of the Heera Group Hope for Justice – Auction on January 23
Investors living in the United Arab Emirates, who fell victim to the alluring investment promises of the Heera Group, are now regaining hope as an auction of properties linked to the group's leader, Nowhera Shaikh, will be held on January 23. The auction has been ordered by India's Supreme Court to recover amounts owed to the affected victims.
Auction Details
Two properties are set to go under the hammer during the auction:
1. A 1,333 square meters area in Banjara Hills, Hyderabad, located on the fifth and sixth floors of Naina Towers.
2. A 3,114 square meters commercial property in the village of Hydershahkote, Telangana state.
The properties will be auctioned 'as-is' by MSTC Ltd., under the Indian Ministry of Steel. The aim of the auction is to provide partial compensation to investors for their losses, with a target amount of 1.9 billion rupees (81 million dirhams), including legal fees. The starting bid for each property is 450 million rupees (19.15 million dirhams), with a 25 million rupee (1.06 million dirham) deposit required for each item.
Heera Group's Promises and Collapse
The Heera Group enticed people with various high-yield investment plans. For instance, the Heera Gold program promised a monthly payout of 3,250 dirhams for a minimum investment of 100,000 dirhams with a one-year holding period. Heera Textiles and Heera Foodex offered similarly attractive returns of 65–80% annually, with just a 15,000 dirham minimum investment.
However, in 2018, the returns ceased, and the group collapsed. Since the arrest of Nowhera Shaikh, the fate of hundreds of investors in the UAE has become uncertain, many of whom took loans to join the programs.
Victims' Stories
A bus driver living in Dubai, who lost 75,000 dirhams due to the Heera Group, reported that life has been a constant struggle since. "Life has never been the same since this disaster," he said.
Another victim, MK from Dubai, who invested 90,000 dirhams, has mixed feelings about the developments: "After six long years, I finally see a glimmer of hope."
Challenges in Redressing the Losses
Shahbaz Ahmad Khan, President of the All India Heera Group Victims Association, welcomed the auction but emphasized that it only solves part of the issue. "This is a step forward, but compensation for many victims remains uncertain," he said. Khan urged investors to act quickly and file their claims with the Serious Fraud Investigation Office (SFIO).
In 2022, the SFIO called on those affected to file their claims, but only 6,788 submissions were made, totaling 159 million dirhams. This pales in comparison to the alleged 2.5 billion dirhams invested by 175,000 people.
How Can Victims Prepare?
Khan stressed that documents – such as bank statements, identity documents, and deposit receipts – must be notarized and mailed to the SFIO office in Telangana. Without this step, the affected individuals cannot reclaim their money.
Public Viewing and Information
The properties can be viewed from January 16 to 18, between 10 AM and 5 PM. Auction details and contact information for buyers are provided by the Enforcement Directorate (ED) and MSTC.
Hope for the Future
While the auction offers only a partial solution, affected investors now see a real chance to recover at least part of their money. This case serves as a lesson that when investing, it is crucial to proceed with caution and avoid too-good-to-be-true offers.
