ED Seizes Heera Group Assets in Major Money Laundering Crackdown

The Directorate of Enforcement (ED) seized properties of Heera Group and MD Nowhera Shaik in Hyderabad. The investigation revealed fraud involving high returns promises with Rs. 90 Lakh, luxury cars, and property documents worth crores confiscated. Further inquiry continues.

The Directorate of Enforcement (ED) on Monday seized multiple assets belonging to the Heera Group of companies, their Managing Director Nowhera Shaik, and others in Hyderabad, Telangana. The action followed search operations performed on August 3 at five different locations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, linked to an alleged investment fraud orchestrated by the accused.

Investigations revealed that the Heera Group and Nowhera Shaik duped people by promising unrealistically high returns of approximately 36 percent per annum, collecting thousands of crore rupees. The raids resulted in the recovery and seizure of Rs. 90 Lakh in cash, twelve luxury cars including BMW and Mercedes Benz models, and property documents valued at around Rs. 45 Crore. Additionally, eleven benami property documents worth Rs. 25 Crore, digital devices, and incriminating records related to the diversion of criminal proceeds were also confiscated.

Furthermore, it was discovered that the proceeds from the crime were invested in properties and assets in the UAE. New fraudulent schemes launched by Nowhera Shaik and her co-conspirators surfaced during the searches, revealing plans to defraud investors further and divert illicit gains. The ED had earlier provisionally attached properties worth Rs. 400 Crore linked to these proceedings, had detained Nowhera Shaik, and had filed a Prosecution Complaint with the Special Court (PMLA) in Hyderabad.

Further investigations are ongoing, according to official sources.

(With inputs from agencies.)