ED auctions Rs 19.6 Crore Property In Nowhera Shaik Case
The sale proceeds will be used to give money to the victims.
Hyderabad:The Enforcement Directorate (ED), Hyderabad Zone, has auctioned an immovable property of Nowhera Shaik, an accused in the Heera Group’s nearly Rs 6,000-crore investment scam, for Rs 19.64 crore. The property was registered in the name of the buyer on Friday.
The sale proceeds will be used to give money to the victims.
According to officials, the ED has been investigating a case against Nowhera Shaik and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, for collecting nearly Rs 6,000 crore from people with a promise of an annual return of 36 per cent. The accused failed to return even the money which they invested.
The ED investigation revealed that Nowhera Shaik had utilised part of the money to purchase properties, leading to the attachment of Rs 428-crore worth property. So far, the ED realised Rs 25 crore from auction and Rs 68.63 crore is expected from other successful bidders.
The officials said other attached properties will also be put for auction in the near future.