Heera Group Ponzi scheme: ED registers properties auctioned for Rs 15.03 crore

The Enforcement Directorate (ED) has completed the registration of seven immovable properties auctioned for Rs 15.03 crore in connection with the Heera Group Ponzi scheme. The properties, which include six flats in Shaikpet village and a house in Banjara Hills, Hyderabad, have been registered to successful bidders following a Supreme Court directive.

The proceeds from these auctions will be transferred to the Serious Fraud Investigation Office (SFIO) to be distributed to genuine victims and claimants. The investigation into Nowhera Shaik and the Heera Group revealed that the group allegedly collected over Rs 5,978 crore from investors by promising annual returns exceeding 36 per cent before defaulting on both principal amounts and promised returns.

The ED’s probe, conducted under the Prevention of Money Laundering Act (PMLA), found that a portion of the alleged criminal proceeds was used to acquire assets in the names of Shaik, her relatives, and associated entities. The agency has previously issued provisional attachment orders covering properties worth approximately Rs 428.83 crore and continues efforts to sell remaining attached assets.