Telangana: ED raids office of Heera Group, seizes documents
HYDERABAD: The Enforcement Directorate (ED) on Saturday carried out searches at the offices of Heera Group of companies and properties of Nowhera Sheikh, the group’s founder. The agency conducted simultaneous raids at different locations from Saturday morning.
During the raids, the ED reportedly seized property documents and papers relating to financial transactions.
Earlier, the agency had conducted searches in Hyderabad in connection with a case registered against Heera Group and provisionally attached properties worth Rs 400 crore owned by the group.
The ED is investigating a case against the Heera Group of Companies under the Prevention of Money Laundering Act.
Heera Group has been accused of cheating lakhs of investors by collecting thousands of crores in investments on the promise of providing high returns. The Ponzi scheme was carried out in the name of gold trading.