Founder and Chief Executive Officer of Heera Group of Companies, Nowhera Shaik. address media conference at her office in Banjara Hills, Hyderabad.
| Photo Credit: File photo
The Directorate of Enforcement (ED), Hyderabad Zonal Office, has initiated the process of restitution of properties to the genuine investors of Heera Group of Companies, following directions of the Supreme Court order dated November 11, 2024.
The ED initiated an investigation on the money laundering case against Heera Group of Companies and their managing director Nowhera Shaik for collecting thousands of crores of rupees from them on the false promise of high returns of around 36% per annum.
The investigation revealed that a large part of the funds collected from investors was diverted to amass huge immovable and movable properties in the names of Nowhera Shaik, her relatives and associates, and Heera Group of Companies, said the officials from the ED.
During investigation, ED had provisionally attached properties to the tune of ₹400 crore acquired out of Proceeds of Crime (POC) by Nowhera Shaik, Heera Group of companies and others.
“The provisional attachment orders issued by ED were confirmed by the Adjudicating Authority (PMLA). The accused was earlier arrested by the ED and a prosecution complaint has also been filed before the Special Court (PMLA), Hyderabad.
During the course of the hearings in the Supreme Court, the ED sought permission to auction confirmed attached properties for the purpose of restoration to investors. The ED conducted extensive verification exercise of the impugned properties and submitted a report on the investigation carried out against Nowhera Shaik and Heera Group of Companies, including outcome of searches conducted August 3, 2024 on the premises of the accused and her relatives and associates.
Considering submissions of the ED, the Supreme Court permitted auction of two properties of Nowhera Shaik attached by the ED to settle investors’ claims.
”She has also been directed to furnish details of the other properties owned by her free from all encumbrances within a period of two weeks following which the ED will put those properties also to auction and try to recover maximum amount for distribution amongst the investors,” the officials added.
The court has also directed Nowhera Shaik to deposit ₹25 crores with ED within a period of three months. Further investigations are under progress.
Published – November 13, 2024 11:50 pm IST
