The ED alleges that Heera Group and its promoter Nowhera Shaik collected over ₹5,978 crore from the general public however failed to return investments, affecting greater than 1.72 lakh depositors. The company has up to now hooked up assets price ₹428 crore.
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The Enforcement Directorate on Saturday mentioned it has auctioned recent assets price Rs 159 crore in reference to its money laundering investigation towards Hyderabad-based Heera Group, accused of perpetrating a multi-crore funding fraud towards depositors.
The properties auctioned comprise 23 immovable assets which had been earlier hooked up underneath the Prevention of Money Laundering Act (PMLA). These had been recognized as “properties derived or acquired from the proceeds of crime.” The public sale was performed via Metallic Scrap Commerce Company Ltd (MSTC) on June 19 as per the instructions of the Supreme Court docket, the ED mentioned.
In accordance to a press release, the ED mentioned that public sale proceeds will likely be used to restitute and repay real buyers underneath the supervision of the Supreme Court docket.
Nowhera Shaik, the prime accused within the case and the primary promoter of the Heera Group, was arrested by the company final month in Gurugram in Haryana, alongside together with her private assistant, Nazneen Ansari, alias Abeeda. Each are at present in judicial custody.
Shaik, the Heera Group of Firms and others are alleged to have collected greater than Rs 5,978 crore from the general public with a promise of returns at over 36 per cent every year.
They, nevertheless, failed to return even the principal quantity, duping greater than 1.72 lakh buyers to the tune of Rs 3,000 crore, the ED alleged.
The ED has up to now hooked up assets price Rs 428 crore within the case and obtained permission from the highest courtroom to public sale these properties to repay victims underneath a PMLA provision.
A few of the properties had been auctioned earlier, fetching about Rs 122 crore to the federal government exchequer, as per the ED.
Revealed on June 20, 2026
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