Hyderabad: Officials of the Enforcement Directorate (ED) started arrangements to auction properties of Heera Group and its chairman Nauhira Sheikh, following orders from the Supreme Court. The ED released a statement on Wednesday detailing the planned auction as part of the ongoing legal proceedings.
Sheikh reportedly amassed thousands of crores by promising a 36 per cent return on investments through the Ashajupi Heera Group. As part of its investigation, the ED confiscated assets valued at approximately ₹400 crore. Seeking to advance restitution for affected investors, the anti-money laundering agency had approached the apex court for permission to liquidate the seized properties through auction.
In its statement, the ED confirmed that the Supreme Court has now authorized the auctioning of two specific properties among those confiscated. The proceeds from this auction will go toward compensating the victims, marking a critical step forward in addressing the financial grievances of investors.
In August, the ED seized properties worth Rs 70 crore of Shaik and benamidars during searches at five locations in Hyderabad. This move by the ED comes in close heel of the Hyderabad Zonal Office's search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at five different spots in Hyderabad in an alleged investment fraud perpetrated by said accused.