Heera Group Fraud Investigation: ED Seizes Assets, Reveals Global Money Laundering Operations.
05 August 2024
On August 3, 2024, the Directorate of Enforcement (ED) in Hyderabad conducted searches at five locations related to an investment fraud involving the Heera Group of companies and their Managing Director, Mrs. Nowhera Shaik. The investigation is focused on allegations that the group defrauded investors by promising unusually high returns of around 36% per annum.
During the searches, ED recovered Rs. 90 lakh in cash, seized twelve luxury vehicles including a BMW, Mercedes Benz, and multiple Toyota Fortuners, and confiscated 13 property documents valued at approximately Rs. 45 crore. Additionally, 11 benami property documents with a book value of around Rs. 25 crore were found, along with digital devices and incriminating documents related to money laundering activities both within India and abroad. The investigation revealed that Nowhera Shaik had also invested crime proceeds in properties in the UAE and uncovered new schemes designed to defraud investors further.
Earlier, the ED had provisionally attached assets worth about Rs. 400 crore linked to Nowhera Shaik and the Heera Group. Nowhera Shaik had been previously arrested and a Prosecution Complaint has been filed with the Special Court (PMLA) in Hyderabad. The investigation is ongoing.