Nation Current Affairs 02 Jun 2019 Hyderabad: Propertie ...

Hyderabad: Properties of Nowhera Shaik to be attached

DECCAN CHRONICLE. | COREENA SUARES
Published Jun 2, 2019, 1:51 am IST
Updated Jun 2, 2019, 1:51 am IST
A petition was also filed in court to secure an absolute order to get approval.
Nowhera Shaik
 Nowhera Shaik

Hyderabad: The state government has accorded permission to the police to attach 30 properties owned by Heera Group founder Nowhera Shaik.

They were arrested by the CCS police in connection with alleged fraud committed in the name of Ponzi schemes.

 

The Enforcement Directorate (ED) last month took Shaik and her aides into custody to collect information on the accounts of suspicious persons who had links with foreign countries.

A petition was also filed in court to secure an absolute order to get approval.

With the consent of the court, the properties would be sold and the revenue generated would be disbursed among depositors, an official said.

A request would also be made to the sub-registrars concerned in Kochi, New Delhi, Mumbai and Pune asking them not to allow any transactions on the attached properties.

 

Since beginning of the investigation, the police has been sharing information with the ED and the I-T department to know about transactions carried out by Shaik in the country and abroad.

More than 240 bank accounts related to Shaik and her companies and directors have been identified so far in India and some abroad.

As much as Rs 25 crore was found in these accounts and frozen under Section 102 of the Criminal Procedure Code (CrPc).

Investigators found that Shaik established 15 companies under the Heera Group, some of which were shell companies.

 

In all, seven cases in Telangana, three each in Andhra Pradesh and Karnataka, one in Kerala and eight in Maharashtra and other states are pending against her.

These properties, which are estimated to cost more than Rs 400 crore, include a five-star hotel in Kochi, a house in New Delhi, 20 flats in Pune and commercial complexes in Thane, Kurla and Mumbai.

The Detective Department (DD), which is investigating the case, has identified 80 properties owned by Shaik, which are valued around Rs 1,500 crore. In the first phase, the police has got permission to attach the 30 properties.

 

Shaik and her trusted aides Molly Thomas and Biju Thomas are lodged in the Chanchalguda prison here.

They were arrested by the CCS police.

...
Location: India, Telangana, Hyderabad




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