ED Seizes Properties of Heera Group and Nowhera Shaik in Hyderabad
The Directorate of Enforcement (ED) has seized several properties belonging to Heera Group of companies, their Managing Director Nowhera Shaik, and others in Hyderabad, Telangana. This action took place after search operations on August 3, under the Prevention of Money Laundering Act (PMLA), 2002.
Details of the Seizure
The ED has been investigating a money laundering case against Heera Group and Nowhera Shaik for allegedly cheating people and collecting thousands of crores of rupees with false promises of high returns. The searches led to the recovery and seizure of:
- Rs. 90 Lakh in cash
- Twelve high-end cars, including 1 BMW, 1 Mercedes Benz, 9 Toyota Fortuner, and 1 Mahindra Scorpio
- 13 property documents valued at around Rs. 45 Crore
- 11 benami property documents valued at around Rs. 25 Crore
- Digital devices and other incriminating documents
Further Findings
The searches also revealed investments in properties in the UAE and new schemes to defraud investors. Previously, the ED had attached properties worth Rs. 400 Crore. Nowhera Shaik was arrested, and a Prosecution Complaint was filed before the Special Court (PMLA), Hyderabad. Further investigation is ongoing.
Doubts Revealed
ED -: ED stands for the Directorate of Enforcement. It is a government agency in India that investigates financial crimes like money laundering.
Heera Group -: Heera Group is a business organization involved in various sectors like gold trading, real estate, and textiles. It is based in India.
Nowhera Shaik -: Nowhera Shaik is the Managing Director of Heera Group. She is a businesswoman who has been accused of financial fraud.
Hyderabad -: Hyderabad is a large city in India, known for its technology industry and historical landmarks.
Prevention of Money Laundering Act -: The Prevention of Money Laundering Act is a law in India that aims to prevent money laundering and to provide for the confiscation of property derived from money laundering.
Rs. 90 Lakh -: Rs. 90 Lakh means 9 million Indian Rupees. It is a large amount of money.
Rs. 70 Crore -: Rs. 70 Crore means 700 million Indian Rupees. It is an even larger amount of money.
attached properties -: Attached properties means that the government has taken control of these properties because they are suspected to be involved in illegal activities.
Rs. 400 Crore -: Rs. 400 Crore means 4 billion Indian Rupees. This is a very large amount of money.
