Rs 60,00,00,00,000 Scam: How this con woman used Sharia law to trap nearly 2 lakh investors chasing 'Halal profits'

A massive alleged Ponzi scam worth more than Rs 6,000 crore has once again come under the spotlight after the Enforcement Directorate arrested Hyderabad-based businesswoman Nowhera Shaik, who had reportedly been absconding for over a month, according to a report by The Times of India.

According to officials, the scam mainly targeted Muslims looking for investment options that complied with Sharia law, which prohibits earning interest on money.

Investigators claim thousands of people were lured into investing with promises of unusually high returns, with some schemes allegedly offering profits of up to 36 per cent annually.

How The Alleged Rs 6,000 Crore Scam Worked

ED officials say Nowhera Shaik, along with family members and close associates, ran multiple investment schemes that attracted lakhs of investors across the country.

The group allegedly convinced people that the investments were Sharia-compliant and free from traditional interest-based earnings. Instead, investors were promised profits through business activities and trade models.

Initially, early investors reportedly received payouts, which helped build trust and attract more people into the schemes.

However, investigators claim that around 1.7 lakh investors eventually lost their money after the alleged Ponzi network collapsed.

A senior ED official said: “Nowhera Shaik, her family members and other associates lured lakhs of people into investing in their Ponzi schemes.”

Arrested From Gurgaon Hotel After Supreme Court Order

Nowhera Shaik was arrested last week from a hotel in Gurgaon after allegedly avoiding surrender for several weeks.

Her arrest came after the Supreme Court of India cancelled her bail and directed her to surrender before authorities.

Investigators also accused her of attempting to mislead the court by claiming she had surrendered before Hyderabad Police but that officers had refused to take her into custody.

Officials say the case became even more complicated because multiple affidavits and legal claims were allegedly filed to delay the confiscation and sale of assets linked to the scam.

ED Seizes Luxury Cars, Cash And Properties

The Enforcement Directorate has already attached assets worth more than Rs 400 crore believed to be controlled by Nowhera Shaik and her associates.

Authorities say the confiscated properties and assets are now being processed for restitution to victims who lost money in the alleged scam.

During raids carried out in 2024, the ED reportedly seized several luxury vehicles and large amounts of cash from her residence.

Among the items recovered were:

• BMW car
• Mercedes-Benz
• Mahindra Scorpio
• Multiple Toyota Fortuners
• Cash worth Rs 92 lakh

Officials say these assets were allegedly purchased using money collected from investors.

Associate Accused Of Impersonating PMO Official

The investigation also uncovered another shocking twist.

One associate allegedly impersonated an official from the Prime Minister's Office in an attempt to interfere with court proceedings related to the sale of attached assets.

The man, identified by investigators as using the name “Kalyan Banerjee”, was arrested earlier this year in January.

Authorities believe the move was aimed at delaying compensation and restitution for victims affected by the alleged fraud.

Thousands Of Victims Still Waiting For Relief

While enforcement agencies continue their investigation, thousands of affected investors are still waiting to recover their lost savings.

The case has once again raised serious questions around fraudulent investment schemes that target vulnerable communities by promising unrealistic returns and exploiting religious or financial beliefs.

With the ED now tightening its probe, officials say efforts are underway to speed up the disposal of attached assets so that victims can finally receive compensation.

Inputs from TOI