Hyderabad: Sleuths of Enforcement Directorate carry out search operations across Hyderabad against Heera Group of companies owned by Nowshera Sheikh, accused in the the ponzi scam. Earlier, the investigating agency attached properties worth Rs 299 crore including 96 immovable properties spread across several states.

On 8th August, sleuth of ED along with mandal revenue officer-Shaikpet and local police conducted operations in Tolichowki area to take  physical possession of 81 plots which were attached  in 2019. ‘These plots are located in an illegal colony created by  one Syed Akhtar (S A Colony) on a litigation-ridden land sold by Neelanchal Technocrat Private limited. Both Neelanchal and S A builders made huge illegal profits by sale of this disputed  land’ a highly placed source told NewsMeter.

During the ongoing operation, sleuths learnt that many plots were purchased by  Nowshera Sheikh from Syed Akhtar, who in return have been illegally encroached the land. ” Since most of the properties owned by the Heera group are encroached lands, Sleuths of ED took help of the local MRO and regional local to take possession. Neelanchal and S A Builders fooled Heera and sold the disputed property at exorbitant prices. After the accused went to jail,  many plots of Heera have been encroached by local land mafia of Syed Akhtar” the source added

It is to note that, many victims fell prey to investments of the Heera Group. Also certain investors made profits  overnight by SA Builders and Neelanchal.

Promoters of Heera Group has been booked by the ED for money laundering. The investigating agency took up the case based on the FIRs registered by Central Crime Station, Hyderabad. The group is accused  of illegally collecting deposits from lakhs of investors under the guise of high returns.

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