Did the ED successfully auction Rs 19.64 crore property linked to money launderer Nowhera Shaik?
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Synopsis
In a significant move, the ED auctioned a property for Rs 19.64 crore linked to Nowhera Shaik, accused of defrauding investors of Rs 5,978 crore. This auction marks a crucial step in compensating victims of fraud. Discover how this unfolds in the ongoing investigation and what it means for the future of financial accountability.
Key Takeaways
- ED auctioned property for Rs 19.64 crore.
- Nowhera Shaik involved in a major fraud case.
- Proceeds will aid victims of the fraud.
- Investigation conducted under PMLA, 2002.
- Significant amounts of properties attached by the ED.
Hyderabad, Nov 21 (NationPress) The Directorate of Enforcement (ED), Hyderabad Zonal Office, has successfully auctioned an attached immovable property belonging to the accused Nowhera Shaik (Heera Group of companies) for Rs 19.64 crore. This action comes amid her involvement in a case where investors were duped of over Rs 5,978 crore, according to an official statement released on Friday.
The auction of the attached property and its registration to the buyer was finalized at the Sub-Registrar’s office on Friday, as stated by the official.
The ED had issued a provisional attachment order on August 16, 2019, leading to this auction.
Proceeds from the sale will be directed toward restoring and restituting funds to the victims and investors affected by the fraudulent activities of Nowhera Shaik and the Heera Group.
Completing the registration of the auctioned property valued at Rs 19.64 crore in the name of the successful bidder signifies a pivotal step in addressing the restitution of funds to the fraud's victims, the statement elaborated.
The ED is engaged in a probe against Nowhera Shaik and other associates under the Prevention of Money Laundering Act (PMLA), 2002. This investigation is based on numerous FIRs lodged by police departments from Telangana, Andhra Pradesh, and Kerala.
Reports indicate that Nowhera Shaik and her associates amassed over Rs 5,978 crore from unsuspecting investors, promising returns exceeding 36 percent annually.
However, the accused failed to repay even the principal amounts, effectively deceiving the investors.
Furthermore, the ED's investigation unveiled that Nowhera Shaik had diverted parts of the Proceeds of Crime to acquire various immovable properties registered in her name, her companies, and her relatives.
In total, properties worth Rs 428 crore have been attached by the ED, with both a Prosecution Complaint and a Supplementary Prosecution Complaint filed before the Special PMLA Court in Hyderabad.
Point of View
The auction of Nowhera Shaik's property by the ED represents a critical move in the long battle for justice for the victims of her fraudulent schemes. As the investigation unfolds, it underscores the importance of accountability in financial dealings and the proactive efforts of law enforcement agencies in protecting the interests of the public.
NationPress
21/11/2025
Frequently Asked Questions
What was the amount auctioned by the ED?
The ED auctioned the property for Rs 19.64 crore.
Who is Nowhera Shaik?
Nowhera Shaik is the accused in a case involving the Heera Group of companies, accused of defrauding investors of over Rs 5,978 crore.
What act is the investigation based on?
The investigation is based on the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
What will the proceeds from the auction be used for?
The proceeds will be utilized for restoration and restitution to the victims of the fraud.
How much has the ED attached in properties?
The ED has attached properties amounting to Rs 428 crore.
