Hyderabad, June 20 (SocialNews.XYZ) The Enforcement Directorate (ED) has auctioned as many as 23 immovable properties worth approximately Rs 159 crore linked to alleged financial fraud accused Nowhera Shaik, the Heera Group of Companies, and associated entities, marking a significant step towards compensating thousands of investors, who were allegedly duped across the country, the agency said on Saturday.
Shaik is the chief of Heera Group of companies.
The ED said that the auction was conducted through Metal Scrap Trade Corporation Limited (MSTC) on June 19 in compliance with directions issued by the Supreme Court in connection with ongoing proceedings related to the case.
The ED’s Hyderabad unit had launched a money laundering investigation against Shaik, the Heera Group and others over allegations that they collected investments exceeding Rs 5,978 crore from members of the public by promising annual returns of more than 36 per cent.
Investigators alleged that the accused failed to repay even the principal amounts, resulting in substantial losses to investors across several states.
The properties sold during the auction had earlier been attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the agency, these assets were identified as proceeds of crime generated from scheduled offences and their attachment was subsequently confirmed by the Adjudicating Authority under the PMLA.
The ED said the auction process was carried out transparently and competitively through MSTC, in accordance with directions issued by the apex court. The proceeds generated from the sale will be utilised for restitution and repayment to genuine investors and victims under the supervision of the Supreme Court.
The agency stated that the move would help advance the process of compensating thousands of investors allegedly affected by the fraudulent investment scheme. The ED also highlighted developments in the criminal proceedings against Nowhera Shaik.
It said the Supreme Court had cancelled her bail after she allegedly failed to comply with its directions. Subsequently, a Special PMLA Court in Hyderabad issued a non-bailable warrant against her on May 7 this year.
Acting on specific intelligence inputs, ED officials arrested Shaik in Gurugram, Haryana, on May 21. She was later produced before the court and remanded to judicial custody, where she remains lodged.
The agency further alleged that Shaik's personal assistant, Nazneen Ansari alias Abeeda, obstructed the auction process despite being aware of the Supreme Court's directions. She was accused of preventing inspections of the attached properties and misrepresenting them as untainted assets. Ansari was subsequently arrested and remanded to judicial custody by the Special PMLA Court.
The ED said further investigation into the case is continuing.
Source: IANS
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