ED auctions Heera Group assets, raises Rs 159 cr

Hyderabad: Enforcement Directorate, Hyderabad zonal office, auctioned 23 attached immovable properties of Nowhera Shaik, Heera Group of companies and related entities, raising about ₹159 crore to facilitate repayment to investors allegedly cheated in the Heera Group investment fraud.According to the ED, its money laundering probe revealed that the group allegedly collected over ₹5,978 crore from the public by promising returns exceeding 36% per annum but failed to repay even the principal, causing losses to thousands of investors nationwide.The auction was conducted on June 19 through Metal Scrap Trade Corporation Limited in compliance with Supreme Court orders. The properties were part of assets attached under the Prevention of Money Laundering Act, identified as derived from alleged proceeds of crime.

The attachments were confirmed by the adjudicating authority under the PMLA.The ED said the auction was carried out transparently and competitively, with proceeds to be used for restitution and repayment to genuine investors. It said the process would advance efforts to compensate victims of the alleged fraud.Continuing probeThe ED noted that Nowhera Shaik failed to comply with Supreme Court directions during the investigation.

Taking note of her conduct, the apex court cancelled her bail, and the special court under PMLA in Hyderabad issued a non‑bailable warrant on May 7.Acting on intelligence, ED officials arrested her in Gurugram on May 21 and produced her before the jurisdictional court, which remanded her in judicial custody.The ED also arrested her personal assistant Nazneen Ansari alias Abeeda, alleging she was involved in activities linked to the possession, use and generation of proceeds of crime.Despite knowing of the Supreme Court’s directions, she allegedly obstructed the auction by preventing inspections and misrepresenting properties as untainted assets. Abeeda too was remanded in judicial custody.The ED said it remains committed to attachment, confiscation and monetisation of proceeds of crime and to ensuring restitution to defrauded investors in line with law and Supreme Court directions. Further investigation is under way.