**New Delhi, November 13, 2024** – In a significant development in the Heera Gold fraud case, the Supreme Court of India has ordered the Enforcement Directorate (ED) to auction two properties belonging to Nowhera Shaikh, the Managing Director of Heera Gold Exim Private Limited. The directive is part of ongoing efforts to recover funds to compensate investors allegedly defrauded by the Heera Gold scheme. The court has also mandated that Rs 25 crore be deposited with the ED within the next three months.The Heera Gold scheme, managed by Shaikh, allegedly attracted substantial investments from individuals across several states by promising high returns, including a 36% dividend on investments in gold trading. However, instead of fulfilling these promises, Heera Gold reportedly failed to return either the promised dividends or the initial capital, leading to mounting complaints from investors. Investigations into the scheme uncovered deceptive practices used to sustain the operation without meeting its financial obligations, eventually leading to allegations of widespread fraud. **Supreme Court’s Recent Actions**In January 2021, the Supreme Court granted interim bail to Shaikh with the condition that she settle claims with affected investors, a move meant to expedite compensation. After multiple extensions, her bail was made absolute in August 2021. However, on October 18, 2024, the court canceled her bail due to her inability to raise Rs 580 crore—a sum required to fulfill her obligations to investors. Shaikh was ordered to surrender within two weeks.Following a miscellaneous application filed on November 4, Shaikh’s surrender period was extended. During this hearing, her counsel, Senior Advocate Kapil Sibal, argued that three of her properties were free from any legal encumbrance. After examining reports from the ED and the Telangana State government, the court confirmed that two properties, including Naina Towers, were indeed unencumbered, thus suitable for auction. The status of a third property remains under review.**Auction Procedure and Investor Compensation**The Supreme Court has permitted the ED to set a reserve price for the auction with the assistance of a government-approved valuer. Proceeds from the auction will go toward repaying investors, with the court emphasizing that claims on these properties must be addressed through civil court proceedings. A one-month timeline has been established to track further progress in the case, ensuring transparency in the recovery process.The Supreme Court’s latest directive marks a critical step in efforts to provide restitution to Heera Gold’s investors, many of whom have waited years for the recovery of their funds. With the auction process now underway, the ED aims to complete the sale of Shaikh’s properties within three months.