Hyderabad: ED Raids Heera Group Offices, Seizes Documents in Fraud Probe

Hyderabad: The Enforcement Directorate (ED) on Saturday raided offices of the Heera Group in the state and Andhra Pradesh as well as the residence of group managing director Nowhera Shaik in connection with suspected illegal foreign investments.

ED officials said they had seized documents related to financial transactions following the raids.

The ED is already probing a case against the group under the Prevention of Money Laundering Act (PMLA).

Nowhera Shaik allegedly indulged in a Ponzi-like scheme by collecting funds from people on the promises of higher returns. A number of cases have been registered against the Heera Group at different places, based on which the ED had initiated an investigation under the PMLA.

The ED has attached properties worth Rs 400 crore of the Heera Group in a case related to defrauding people.

ED officials suspected that Nowhera Shaik and her Heera Group had utilised a part of the proceeds of crime towards purchase of immovable properties in her name and that of her companies. ED also attached properties to the tune of Rs 367 crore allegedly acquired from proceeds of crime by Nowhera Shaik, Heera Group, SA Builders and Developers, a Hyderabad-based firm, and Neelanchal Technocrats Pvt, Ltd of Bengaluru.