Under the Prevention of Money Laundering Act of 2002 (PMLA), the Directorate of Enforcement (ED) has provisionally attached immovable and mobile property worth Rs. 78.63 crores, including properties worth Rs. 37.58 crores of Hyderabad-based M/s SA Builders & Developers, where Mr Syed Akhtar is a partner, and a bank balance of Rs. 41.05 crores of Bangaluru-based M/s Neelanchal Technocrats Pvt Ltd of Sall
ED filed a money laundering complaint against Mrs Nowhera Sheik and others in 2018 after they received more than Rs. 5000 crores from the public as investments under the false pretence of a 36% annual return on investment, but failed to make even the principal payments, defrauding thousands of innocent investors.
Following an investigation, ED discovered that Mrs Nowhera Sheik and her Heera Group of companies had transferred approximately Rs. 148 crores to M/s SA Builders and Developers for the purpose of purchasing properties in Tolichowki, Hyderabad, but only approximately Rs. 70 crores worth of properties that had previously been attached to the Heera Group were registered. The remaining money, totalling Rs 78 crore, were discovered to be parked at M/s SA Builders and Developers and were part of the profits of the crime.
After further investigation by the ED, it was discovered that SA Builders and Developers had transferred Rs 41 crore out of over Rs 78 crore to M/s Neelanchal Technocrats Pvt. Ltd. and 4 other Shell entities in Kolkata and Shillong, with the money ultimately being returned as loans to Sallarpuria Sattva group.
On November 7, 2022, the ED searched the Sallarpuria Sattva group’s office in Bangalore. They found the aforementioned money trail and afterwards attached immovable properties and bank balances of Rs. 78 crores as the equivalent amount of the criminal proceeds.
Earlier, in the same matter, ED had provisionally attached properties worth Rs. 300 crores. The probe is being expanded upon.
