New Delhi [India], January 8 (ANI): The Enforcement Directorate (ED) has attached 27 immovable properties having a market value of Rs 103.4 crore in an alleged Ponzi scheme case related to Heera Group of companies and their Managing Director Nowhera Shaik, the agency said on Wednesday.
ED’s Hyderabad Zonal Office attached these immovable properties having a book value of Rs 17.14 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The agency has been investigating a money laundering case against Heera Group of Companies and their Managing Director Nowhera Shaik for allegedly cheating gullible people and collecting thousands of crores of Rupees from them on the false promise of abnormally high returns of around 36 per cent per annum.
The investigation revealed that Nowhera Shaik and her Heera Group of companies utilized part of Proceeds of Crime (POC) towards the purchase of various immovable properties in her own name, in the names of her family members & associates as well as in the name of her companies.
ED had earlier provisionally attached properties to the tune of Rs 400 Crore (approx.) acquired out of POC by Nowhera Shaik, Heera Group of companies and others. Nowhera Shaik was earlier arrested by ED in this case. Prosecution Complaint as well as supplementary Prosecution Complaint have also been filed before the Special Court (PMLA), Hyderabad.
The agency is also pursuing the process of restitution of properties to the genuine investors of Heera Group of Companies, following directions of the Supreme Court dated November 11 last year.
In this regard, the apex court has permitted the auction of two properties of Nowhera Shaik attached by ED to settle investors’ claims. The process of auctioning these two properties by ED is underway. (ANI)
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