Hyderabad: The Enforcement Directorate’s (ED) Hyderabad Zonal Office has provisionally attached 27 immovable properties of Nowhera Shaik and Heera Group of Companies on Wednesday, January 8, which have a market value of Rs 103.4 crore and a book value of Rs 17.14 crore.
Who is Nowhera Shaik?
Nowhera Shaik, Heera Group, and others were booked under the provisions of the PMLA, 2002 in a case related to defrauding people through a Ponzi scheme by collecting thousands of crores of rupees from them on the false promise of abnormally high returns of around 36 percent per annum.
The total amount involved in the scam is estimated to be around Rs 5,600 crore, affecting approximately 1.72 lakh investors across states such as Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Kerala.
The ED had earlier provisionally attached properties worth approximately Rs 400 crore acquired through the proceeds of crime (POC) by Nowhera Shaik, Heera Group of Companies, and others. Nowhera Shaik was previously arrested by the ED in connection with this case.
A Prosecution Complaint (PC) and a supplementary Prosecution Complaint have been filed before the special court (PMLA) in Hyderabad.
The ED is also working on the restitution of properties to the genuine investors of Heera Group of companies, in line with the Supreme Court’s order dated November 11 in WP (Cr) 31 of 2020.
Following the Court’s directions, the auction of two properties attached from Nowhera Shaik is underway to settle investor claims.
Further investigation is under progress.
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