ED initiates restitution of properties of Heera Group of Companies’ investors

ED initiates restitution of properties of Heera Group of Companies’ investors

The Directorate of Enforcement (ED), Hyderabad Zonal Office, has initiated the process of restitution of properties to the genuine investors of Heera Group of Companies, following directions of the Supreme Court order dated November 11, 2024.

The ED initiated an investigation on the money laundering case against Heera Group of Companies and their managing director Nowhera Shaik for collecting thousands of crores of rupees from them on the false promise of high returns of around 36% per annum.

The investigation revealed that a large part of the funds collected from investors was diverted to amass huge immovable and movable properties in the names of Nowhera Shaik, her relatives and associates, and Heera Group of Companies, said the officials from the ED.

During investigation, ED had provisionally attached properties to the tune of ₹400 crore acquired out of Proceeds of Crime (POC) by Nowhera Shaik, Heera Group of companies and others.

“The provisional attachment orders issued by ED were confirmed by the Adjudicating Authority (PMLA). The accused was earlier arrested by the ED and a prosecution complaint has also been filed before the Special Court (PMLA), Hyderabad.

During the course of the hearings in the Supreme Court, the ED sought permission to auction confirmed attached properties for the purpose of restoration to investors. The ED conducted extensive verification exercise of the impugned properties and submitted a report on the investigation carried out against Nowhera Shaik and Heera Group of Companies, including outcome of searches conducted August 3, 2024 on the premises of the accused and her relatives and associates.

Considering submissions of the ED, the Supreme Court permitted auction of two properties of Nowhera Shaik attached by the ED to settle investors’ claims.