ED Targets Heera Group's Hidden Wealth in Ponzi Scheme Probe

The Enforcement Directorate has seized 27 properties valued at Rs 103.4 crore in connection with a Ponzi scheme involving Heera Group and its MD, Nowhera Shaik. The investigation highlighted the misuse of funds to purchase assets, with ongoing efforts to refund affected investors as ordered by the Supreme Court.

In a significant development, the Enforcement Directorate (ED) has clamped down on a Ponzi scheme involving the Heera Group of Companies and its Managing Director, Nowhera Shaik. On Wednesday, the ED announced the attachment of 27 immovable properties, valued at Rs 103.4 crore, as part of its ongoing investigation under the Prevention of Money Laundering Act (PMLA) of 2002.

The Hyderabad Zonal Office of the ED has been probing charges of money laundering against Nowhera Shaik and the Heera Group, accused of defrauding thousands by promising unusually high returns of 36 percent per annum. Investigations revealed the illicit gains were diverted into buying properties under various names associated with Shaik.

Previously, the ED had provisionally attached assets worth approximately Rs 400 crore linked to the case. Nowhera Shaik has already faced arrest, with formal charges filed in a Special Court in Hyderabad. The agency, acting on a Supreme Court directive from November last year, is working to auction properties linked to Shaik to compensate investors.

(With inputs from agencies.)