Home / Crime and Justice / Heera Group Scammer's Rs 159 Cr Assets Go Under Hammer
Heera Group Scammer's Rs 159 Cr Assets Go Under Hammer
20 Jun
Summary
- 23 properties linked to Heera Group sold for Rs 159 crore.
- Heera Group allegedly collected over Rs 5,978 crore from investors.
- Founder Nowhera Shaik was arrested last month for alleged fraud.
Enforcement Directorate (ED) has successfully auctioned 23 properties associated with the Heera Group and its founder, Nowhera Shaik, realizing Rs 159 crore. This move is a critical step in the ED's money laundering investigation against the group. The Supreme Court directed the auction of these assets, which were previously attached by the ED under the Prevention of Money Laundering Act.
Evidence suggests the Heera Group amassed over Rs 5,978 crore from investors nationwide by promising annual returns exceeding 36%. However, the agency alleges that investors did not receive their promised profits or their initial principal investments back.
Nowhera Shaik was apprehended by the ED on May 21, after previously being on the run following the cancellation of her bail for evading investigators and obstructing property auctions. Her personal assistant was also arrested for her alleged involvement in handling criminal proceeds and attempting to disrupt the auction process. The funds generated from the sale are earmarked for restitution to investors and victims under judicial oversight.
