The Hyderabad zonal unit of Directorate of Enforcement (ED) has conducted search operations on August 3, 2024 under the provisions of Prevention of Money Laundering Act (PMLA)-2002 at five locations in Hyderabad in an investment fraud perpetrated by Heera Group of companies, their Managing Director Nowhera Shaik and others. The ED has been investigating a money laundering case against Heera Group of companies and their Managing Director Nowhera Shaik for cheating gullible people and collecting thousands of crore of rupees from them on the false promise of abnormally high returns of around 36 per cent per annum. Searches have led to the recovery and seizure of cash amounting to Rs.
90 lakh, 12 high-end cars including one each BMW and Mercedes Benz and Mahindra Scorpio, nine Toyota Fortuner and 13 property documents in the name of Heera group, Nowhera Shaik and her relatives and associates valued at around Rs. 45 crore, 11 benami property documents having book value of around Rs. 25 crore, digital devices and various other incriminating documents related to diversion of proceeds of crime in India and abroad.
Searches also revealed that investment of proceeds of crime in movable and immovable properties acquired by Nowhera Shaik in UAE. Further, details of new investment schemes or projects launched by Nowhera Shaik in collusion with other co-conspirators to defraud investors and divert previously acquired proceeds of crime were unearthed during the search operations. The ED had earlier provisionally attached properties to the tune of Rs.
400 crore acquired out of Proceeds of Crime by Nowhera Shaik, Heera Group of companies and others. Nowhera Shaik was earlier arrested by ED in this case and a Prosecution Complaint has also been filed before the Hon’ble Special Court (PMLA), Hyderabad..
