ED officials seized cash to the tune of Rs 90 lakh, 12 cars – including BMW, Mercedes Benz, nine Toyota Fortuners, Mahindra Scorpio Hyderabad: Enforcement Directorate raids on Heera Gold Group Managing Director Nowhera Sheik recently, uncovered properties worth Rs 70 crore, reports said. The raids were conducted on August 3 in the city on the properties of Heera gold scam accused Sheik and benamidars, which led to the uncovering of 12 luxury cars in Nowhera’s residence compound. Details of her properties in UAE were also discovered during the raids.
ED Hyderabad Zonal office officials searched five locations in the city under the provisions of Prevention of Money Laundering Act (PMLA) for alleged investment fraud committed by Sheik and others. The money laundering case was originally registered in 2018 for defrauding investors, when Heera Group reportedly collected crores of rupees from gullible people and promised them abnormally high returns of 36 percent per annum. High end cars found in Nowhera’s compound: ED officials seized cash to the tune of Rs 90 lakh, 12 cars – including BMW, Mercedes Benz, nine Toyota Fortuners, Mahindra Scorpio, 13 property documents in the name of Heera group, Nowhera and her relatives amounting to Rs 45 crore, digital devices, 11 benami property documents valued at Rs 25 crore along with other incriminating documents related to diversion of proceeds of crime in India and abroad.
The money was also invested in movable and immovable properties in United Arab Emirates. The group also collaborated with co-conspirators to defraud investors, reports said. Mahesh Bank promoters raided: Meanwhile, in another case, ED raided Mahesh Cooperative Bank promoters in a case of fund misappropriation.
The searches focused on three figures – namely Ramesh Kumar Bung, Chairman; Umesh Chand Asawa, MD; Purushottam Das Mandhana, Vice Chairman and seized a chunk of unaccounted cash. Previously, ED filed a case of money laundering against the bank promoters based on a FIR by Hyderabad Police..
