HYDERABAD: The Hyderabad zonal unit of the Enforcement Directorate has provisionally attached 27 immovable properties with an estimated market value of Rs 103.4 crore (book value Rs 17.14 crore) under the provisions of the PMLA in an alleged Ponzi scheme involving Heera Group of Companies.
The ED has been investigating allegations of money laundering against the Heera Group and its MD Nowhera Shaik. Nowhera is accused of collecting thousands of crores from gullible investors by luring them with false promises of abnormally high returns of around 36% per annum.
ED investigation revealed that Nowhera and Heera Group utilised part of Proceeds of Crime to purchase various immovable properties in her name, in the names of her family members and associates as well as in the name of her companies.
The ED had earlier provisionally attached properties worth an estimated `400 crore acquired by Nowhera, Heera Group and others with the proceeds of crime. Nowhera was earlier arrested by ED in this case. A prosecution complaint as well as supplementary prosecution complaint have also been filed in this before the Special Court (PMLA), Hyderabad.
The ED is also pursuing the process of restitution of properties to genuine investors of Heera Group, as per the directions of the Supreme Court. In this regard, the Supreme Court has permitted auction of two properties to settle investors’ claims. The process of auction of these two properties by the ED is underway.