ED seizes several properties of Heera Group of companies under PMLA Act
Aug 05, 2024
Hyderabad (Telangana) [India], August 5 : The Directorate of Enforcement (ED) on Monday seized several properties of Heera Group of companies, their Managing Director Nowhera Shaik, and others in Hyderabad, Telangana.
The seizure resulted after the Hyderabad Zonal Office conducted search operations on August 3, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at five locations in Hyderabad in an alleged investment fraud perpetrated by said accused.
ED has been investigating a money laundering case against Heera Group of companies and their Managing Director Nowhera Shaik for cheating gullible people and collecting thousands of crore of rupees from them on the false promise of abnormally high returns of around 36 percent per annum.
Searches have led to the recovery and seizure of cash amounting to Rs. 90 Lakh; twelve high-end cars including 1 BMW, 1 Mercedes Benz, 9 Toyota Fortuner and 1 Mahindra Scorpio; 13 property documents in the name of Heera group, Nowhera Shaik and her relatives/associates valued at around Rs. 45 Crore (book value); 11 benami property documents having book value of around Rs. 25 Crore; digital devices and various other incriminating documents related to diversion of proceeds of crime in India and abroad.
Searches also revealed that investment of proceeds of crime in movable and immovable properties acquired by Nowhera Shaik in the UAE. Further, details of new investment schemes/projects launched by Nowhera Shaik in collusion with other co-conspirators to defraud investors and divert previously acquired proceeds of crime were unearthed during the search operations.
ED had earlier provisionally attached properties to the tune of Rs. 400 Crore (approx.) acquired out of Proceeds of Crime by Nowhera Shaik, Heera Group of companies, and others. Nowhera Shaik was earlier arrested by ED in this case and a Prosecution Complaint has also been filed before the Special Court (PMLA), Hyderabad.
Further investigation is under progress.
