Heera Group’s Banjara Hills Assets Taken Into ED Custody
An investigation conducted by the ED under the Prevention of Money Laundering Act 2002, revealed that the accused entities allegedly collected over Rs 5,978 crore from the public by promising annual returns of more than 36 per cent, but failed to make repayments.
Hyderabad: The Enforcement Directorate (ED) has completed the registration of nine properties that were auctioned in connection with the Nowhera Shai-Heera Group of Companies case. The agency stated that the registration of two of these properties — the Karvy Centre and Naina Towers, both located in Banjara Hills — was finalised on Friday.
With the registration of seven properties on October 5, ED has completed the registration of nine properties, with a total value of Rs 103.26 crore. In connection with the Heera Group alleged Ponzi scheme case, the ED has taken possession of two additional immovable properties in Hyderabad, valued at Rs 88.23 crore.
An investigation conducted by the ED under the Prevention of Money Laundering Act 2002, revealed that the accused entities allegedly collected over Rs 5,978 crore from the public by promising annual returns of more than 36 per cent, but failed to make repayments. The ED issued five provisional attachment orders covering assets worth Rs 428.83 crore and has filed prosecution complaints before a special PMLA court in Hyderabad.
Following the cancellation of her bail by the Supreme Court, Nowhera Shaik was taken into custody by the ED on May 21 and is currently in judicial custody.