Hyderabad: The Enforcement Directorate (ED) recently conducted raids on properties owned by Shaikh Nowhera, Managing Director of the Heera Group, across five locations in Hyderabad. On August 3, the ED seized Rs 90 lakh and numerous property documents. This follows previous actions where 24 properties worth Rs 33.06 crore were provisionally attached under the Prevention of Money Laundering Act (PMLA) due to allegations of fraud involving hundreds of crores.
The ED has attached properties totaling Rs 400.06 crore linked to Nowhera’s Heera Group, including those of associated firms. Shaikh Nowhera is under investigation for a gold ponzi scheme that allegedly defrauded around 2 lakh investors out of approximately Rs 500 crore. The Heera Group, with investors in India and the Gulf countries, promised high returns but began defaulting on payments, leading to multiple legal actions against her.
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