*New Delhi, October 19* – The Supreme Court of India has revoked the bail of Nowhera Shaikh, the Managing Director of Heera Gold Exim Private Limited, for her failure to raise Rs 580 crore to repay defrauded investors. The apex court, in its order, has directed Shaikh to surrender within two weeks, allowing investigations and legal proceedings to resume in connection with the multiple FIRs registered against her across various states.A bench comprising Justices J.B. Pardiwala and Manoj Misra, while cancelling her bail, stated that despite numerous extensions and opportunities, Shaikh had not made any significant progress in raising the funds or settling the claims of investors. However, the court noted that Shaikh could apply for bail again in the future.Nowhera Shaikh’s company, Heera Gold, had attracted large public investments with the promise of a 36% return on deposits. When the company failed to fulfill these promises, investors across India lodged complaints accusing her of fraud and cheating. This led to her arrest and a probe by the Serious Fraud Investigation Office (SFIO).In January 2021, Shaikh was granted interim bail by the Supreme Court, on the condition that she would repay the investors. The Court warned that failure to comply with this condition would lead to her return to custody. Despite these warnings and multiple extensions, Shaikh was unable to fulfill the conditions laid out by the Court.In a previous order issued in August 2023, the Court directed Shaikh to raise Rs 580 crore to repay investors and submit details of her properties. The Court had warned that if she failed to do so, her bail would be at risk, and all FIRs, including those under the investigation of the SFIO and Enforcement Directorate, would proceed.As of today, the bench observed that no tangible progress had been made, and no promising statement regarding the funds was given by Shaikh’s counsel. Consequently, the Court revoked her bail, instructing her to surrender within two weeks.The Supreme Court’s decision emphasizes that in financial fraud cases, ensuring repayment to investors is of paramount importance. Shaikh’s failure to raise the necessary funds has now led to serious legal consequences, including a return to custody.