ED Attached 24 Immovable Properties Of Nowhera Shaik Companies
Delhi/ H6yderabad, March 25 (Maxim News): Enforcement Directorate (ED) has provisionally attached 24 immovable properties of Nowhera Shaik’s Heera Group of companies, Hyderabad worth Rs. 33.06 Crore under the provisions of the Prevention of Money-laundering Act (PMLA), 2002 in a case related to defrauding people.
ED has been investigating a money laundering case against Heera Group of Companies and their Managing Director, Nowhera Shaik for 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. Investigation revealed that Nowhera Shaik and her Heera Group of companies utilized part of the proceeds towards purchasing various immovable properties in her name and that of her companies.
ED had earlier provisionally attached properties to the tune of Rs. 367 Crore (approx.) acquired out of proceeds of crime by Nowhera Shaik, Heera Group of companies, M/s SA Builders & Developers, a Hyderabad-based firm, and M/s Neelanchal Technocrats Pvt. Ltd., Bangalore based company. The total attachment in the case stands at Rs.400.06 Crore (approx.).
ED earlier arrested Nowhera Shaik in this case and a Prosecution Complaint has also been filed before the Special PMLA Court, Hyderabad.
Further investigation is in progress. (Maxim News)
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