Enforcement Directorate attached properties belonging to Heera Group

Last week, the Enforcement Directorate took temporary possession of 24 properties belonging to Nowhera Shaik and
Heera Group of companies, which were valued at Rs 33 crore. This was done under the Prevention of Money
Laundering Act, in relation to the Heera gold scam. The investigation found that Nowhera Shaik and her companies
had used some of the money obtained through illegal means to buy several properties in her name and that of her
companies.
The Enforcement Directorate is conducting an investigation into allegations of money laundering against the Heera
Group of companies and their managing director, Nowhera Shaik. The investigation stems from claims that the
company deceived people into investing thousands of crores of rupees with the false promise of abnormally high
returns of 36% per year.
Earlier, the Enforcement Directorate had temporarily seized properties worth Rs 367 crore that were allegedly
acquired through illegal means by Nowhera Shaik and the Neelanchal Technocrats Private Limited, Heera Group of
companies, as well as SA Builders and Developers in Hyderabad and Bengaluru.

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Enforcement Directorate attached properties belonging to Heera Group

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