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.
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 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, Shaik and her relatives and associates valued at around Rs 45 crore (book value), 11 benami property documents having book value of around Rs 25 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.
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