Hyderabad: Once again Nowhera Shaik case grabbed the headlines as the Enforcement Directorate (ED) that is investigating the case has attached properties worth over Rs 78 crore under the Prevention of Money Laundering Act, 2002 (PMLA).
The attached property includes both movable and immovable properties. It also included the properties of Hyderabad-based SA Builders and Developers, DC reported.
Case against Heera Group and Nowhera Shaik
In 2018, ED registered a case against Nowhera Shaik over the allegation that she and her company is owning around Rs. 5000 crores to lakhs of customers across the country.
There is an allegation that she had collected the amounts by making a false promise of 36 percent annual return. However, she failed to even return the principal amounts to the investors.
In order to settle the investors’ claims, the apex court of the country had allowed her to sell properties.