Hyderabad, March 8 -- In a major turn of events, the Supreme Court issued managing director of Heera Gold Exim Pvt Ltd, Nowhera Shaik, an ultimatum to repay Rs 25 crore to investors within three months. Failure to do so will result in her arrest and cancellation of her bail.

Her lawyers argued that she lacks the required funds, but the Enforcement Directorate (ED) reminded her that some of her properties have been confiscated and could be auctioned to recover the dues, reported NDTV.

The ED, however, stated that the Nowhera Sheikh's lawyer has not disclosed the list of unencumbered properties that can be auctioned. As of now, only three properties, of which two are in Telangana, can be auctioned by the ED.

In the hearing on March 5, th...