Thu Jan 09 18:55:23 UTC 2025: ## ED Attaches ₹103.4 Crore Worth of Properties in Heera Group Ponzi Scheme Case
**Hyderabad, January 10, 2025** – The Enforcement Directorate (ED) in Hyderabad has provisionally attached 27 immovable properties valued at ₹103.4 crore (book value ₹17.14 crore) in a money laundering case against Nowhera Shaik and the Heera Group of Companies. This action, taken under the Prevention of Money Laundering Act (PMLA), 2002, follows an ongoing investigation into the ponzi scheme that defrauded numerous individuals with promises of abnormally high returns (around 36% per annum).
The ED’s investigation revealed that Shaik and her associates used a portion of the illicit funds to purchase properties in their names, as well as in the names of family members and companies. This seizure adds to the ₹400 crore worth of properties previously attached by the ED in the same case. Shaik has already been arrested, and both a prosecution complaint and a supplementary complaint have been filed with the Special Court (PMLA), Hyderabad.
The ED is actively working to return the assets to the victims of the scheme. Two properties belonging to Shaik have been approved for auction by the Supreme Court to compensate investors, and the auction process is currently underway. The investigation continues.
First Piper 