Nowhera Shaikh, the founder of the now-defunct Heera Group, was fined Dh2 million by an Indian court, which also rejected her last-ditch effort to stop the sale of assets connected to the alleged investment scheme that impacted hundreds of UAE citizens.
Shaikh’s petition to halt the Enforcement Directorate’s (ED) December 26 auction of her attached properties was denied by the Telangana High Court on Thursday, citing it as an abuse of the legal system.
This is one of the biggest costs the court has ever imposed on a petitioner, according to Indian legal experts. The Supreme Court had already cleared the path for the sale, thus the court was extremely unhappy that Shaikh had gone to the High Court.
There was no room for additional intervention as the top court had previously decided that the ED could proceed with the attachment and sale of all properties “in accordance with law.
Judge Bheemapaka dismissed claims that the sale breached the Prevention of Money Laundering Act (PMLA) and questioned why Shaikh was requesting a stay when the case had already reached finality.
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