ED Seizes Documents Worth Rs 70 Crore of Heera Group Managing Director Nowhera Shaik

The ED said that cash amounting to Rs 90 lakh, 12 high-end cars including one BMW, one Mercedes Benz, nine Toyota Fortuner and one Mahindra Scorpio, 13 property documents in the name of Heera group, Ms Shaik and her relatives were seized among others.

Hyderabad:The Enforcement Directorate (ED) seized properties worth Rs 70 crore in Heera group managing director Dr Aalima Nowhera Shaik and benamidars’ names during the searches at five locations in Hyderabad. She is chairman of the controversial Heera Islamic Business Group, better known as Heera Gold.

This move by the ED comes after the Hyderabad Zonal Office conducted search operations on August 3, 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.

During the searches, the investigation agency seized 12 high-end cars in Nowhera’s compound and found details of her properties in the United Arab Emirates (UAE).

In a release, the ED said, "During the search operations, cash amounting to Rs90 lakh, 12 high-end cars including one BMW, one Mercedes Benz, nine Toyota Fortuner and one Mahindra Scorpio, 13 property documents in the name of Heera group, Ms Shaik and her relatives and associates valued at around Rs45 crore (book value), 11 benami property documents having book value of around Rs25 crore and various incriminating documents and digital devices related to diversion of proceeds of crime in India and abroad were recovered and seized."

"Searches also revealed that investment of proceeds of crime in movable and immovable properties acquired by Ms Shaik in the UAE. Further, details of new investment schemes and projects launched by Ms Shaik in collusion with other co-conspirators to defraud investors and divert previously acquired proceeds of crime were unearthed during the search operations," the ED statement mentioned.

The ED has been probing a money laundering case against Heera Group of companies and Nowhera for illegally gathering crores of rupees from vulnerable people by deceiving them into believing they will receive abnormally high profits of about 36 per cent annually. Back in October 2018, Shaik was arrested by Hyderabad police. Further investigation is underway.