In a case involving deceiving individuals, the Enforcement Directorate (ED) has temporarily seized 24 immovable assets of Mrs Nowhera Shaik and Heera Group of Companies, Hyderabad, valued at Rs. 33.06 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The Enforcement Directorate has been looking into a money laundering case against Heera Group of Companies and their Managing Director, Mrs Nowhera Shaik, for defrauding gullible people and collecting thousands of crores of rupees from them on the false promise of abnormally high returns of around 36% per annum.
Mrs Nowhera Shaik and her Heera Group of businesses used a portion of the profits of crime to acquire numerous immovable properties in her and her firms’ names, according to the investigation.
Mrs Nowhera Shaik, Heera Group of enterprises, M/s SA Builders & Developers, a Hyderabad-based corporation, and M/s Neelanchal Technocrats Pvt. Ltd., a Bangalore-based organisation had previously temporarily attached assets worth Rs. 367 Crore (approx.). The total attachment in the case is Rs.400.06 Crore (approx.).
In connection with the case related to defrauding gullible people, the Enforcement Directorate (ED) had previously arrested Mrs Nowhera Shaik. Moreover, the agency has filed a Prosecution Complaint before the Special Prevention of Money Laundering Act (PMLA) Court in Hyderabad, about the same case. The ED is currently carrying out a thorough investigation into the matter to uncover any further details that may aid in bringing justice to those who have been wronged.
