Hyderabad: ED raids 5 places in Heera Group fraud case; cash, cars seized
As much as Rs 90 lakhs in cash and other assets were seized during the operation.
By Newsmeter Network Published on 5 Aug 2024 12:18 PM GMT
ED raids locations related to Heera Group of companies, their managing director Nowhera Shaik
Hyderabad: Sleuths of the Directorate of Enforcement (ED), Hyderabad zonal office, once again conducted search operations at five locations in Hyderabad related to Heera Group of companies, their managing director Nowhera Shaik and others, in an alleged investment fraud case.
As much as Rs 90 lakhs in cash and other assets were seized during the operation.
The ED has been investigating a money laundering case against Heera Group of companies and their MD Nowhera Shaik for cheating gullible people and collecting thousands of crores 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 lakhs; 12 high-end cars including 1 BMW, 1 Mercedes Benz, 9 Toyota Fortuner and 1 Mahindra Scorpio; 13 property documents in the name of Heera group, Nowhera Shaik and her relatives/associates valued at around Rs 45 crores (book value); 11 benami property documents having book value of around Rs 25 crores; digital devices and various other incriminating documents related to diversion of proceeds of crime in India and abroad.
Searches also revealed that the proceeds of crime were invested in movable and immovable properties acquired by Nowhera Shaik in the UAE. Further, details of new investment schemes/projects launched by Nowhera Shaik, allegedly 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 crores (approx.) acquired out of the proceeds of crime by Nowhera Shaik, Heera Group of companies and others. Nowhera Shaik was earlier arrested by ED in the case and a prosecution complaint was also filed before the Special Court (PMLA), Hyderabad.
