ED unearths benami properties, seizes Cash, Luxury Cars in Heera Group raid, finds evidence of Investment in UAE
Hyderabad: Enforcement Directorate (ED), has conducted search operations against Heera Group of companies, their Managing Director Mrs. Nowhera Shaik and others at five locations in Hyderabad for their alleged involvement in an investment fraud on Saturday.
ED Hyderabad Zonal Office has been investigating a money laundering case against Heera Group of companies and their Managing Director Mrs. Nowhera Shaik under the provisions of Prevention of Money Laundering Act (PMLA), 2002. The main allegations against the Heera Group of companies is cheating gullible people and collecting thousands of crores of rupees from them on the false promise of abnormally high returns of around 36% per annum.
Searches have led to the recovery and seizure of cash amounting to Rs. 90 Lakh, twelve 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, Nowhera Shaik and her relatives/associates valued at around Rs. 45 Crore (book value), 11 benami property documents having book value of around Rs. 25 Crore.
Further the premier money laundering investigation agency also recovered digital devices and various other incriminating documents related to diversion of proceeds of crime in India and abroad. Searches also revealed that investment of proceeds of crime in movable and immovable properties acquired by Nowhera Shaik in the UAE. Further, details of new investment schemes/projects launched by Nowhera Shaik in collusion with other co-conspirators to defraud investors and divert previously acquired proceeds of crime were unearthed during the search operations.
ED had earlier provisionally attached properties to the tune of Rs. 400 Crore (approx.) acquired out of Proceeds of Crime by Nowhera Shaik, Heera Group of companies and others. Nowhera Shaik was earlier arrested by ED in this case and a Prosecution Complaint has also been filed before the Hon’ble Special Court (PMLA), Hyderabad. Further investigation is under progress.