ED auctions 23 Heera Group properties for Rs 159 crore in money laundering case
The Enforcement Directorate (ED) has auctioned 23 properties linked to the Heera Group and its founder, Nowhera Shaik, as part of its probe into a
The Enforcement Directorate (ED) has auctioned 23 properties linked to the Heera Group and its founder, Nowhera Shaik, as part of its probe into a major money laundering case. The properties were sold for around Rs 159 crore. The development comes a month after Shaik was arrested in Gurugram for allegedly defrauding investors. The auction was carried out on June 19, following directions from the Supreme Court.
The assets were attached by the ED under the Prevention of Money Laundering Act (PMLA), as they were allegedly bought using proceeds of crime. Read Full Story According to the ED, the Heera Group allegedly collected over Rs 5,978 crore from investors across the country by promising returns exceeding 36% per annum. The agency alleged that investors were neither paid the promised returns nor refunded their principal investments.
The ED said the amount generated from the auction would be used to repay the investors and victims under the Supreme Court's supervision. Nowhera Shaik was arrested by the ED on May 21. She was absconding after the Supreme Court cancelled her bail for evading investigators and obstructing the auctioning of her properties. The agency also arrested her personal assistant, Nazneen Ansari alias Abeeda, alleging that she was involved in handling the alleged proceeds of crime.
The ED also accused her of attempting to disrupt the auction process. Ends
The BriefWire