ED Attaches Rs 103 Crore Assets of Nowhera Shaik

Hyderabad: The Directorate of Enforcement (ED) officials on Wednesday attached 27 immovable properties having market value of Rs. 103.4 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a ponzi scheme case related to Nowhera Shaik and Heera Group of companies.

The investigation agency is investigating a money laundering case against Heera Group of Companies and their Managing Director Nowhera Shaik for cheating gullible people and collecting thousands of crores of rupees from them on the false promise of abnormally high returns of around 36 percent per annum.

Investigation revealed that Nowhera Shaik and her Heera Group of companies utilized part of Proceeds of Crime (POC) towards purchase of various immovable properties in her own name, in the names of her family members and associates as well as in the name of her companies.

ED had earlier attached properties to the tune of Rs. 400 Crore acquired out of POC by Nowhera Shaik, Heera Group of companies and others. Nowhera Shaik was earlier arrested by ED in this case. Prosecution Complaint (PC) as well as supplementary Prosecution Complaint have also been filed in this before the Special Court (PMLA), Hyderabad.

ED is also pursuing the process of restitution of properties to the genuine investors of Heera Group of Companies, following directions of the Supreme Court order. The Supreme Court has permitted the auction of two properties of Nowhera Shaik attached by ED to settle investors’ claims. The process of auction of these two properties by ED is underway.