Land Worth Rs 70 Cr Seized From Heera Group Director Nowhera Shaik
Hyderabad: The Enforcement Directorate along with the police and revenue officials on Saturday seized 81 plots belonging to Heera group director Nowhera Shaikh at Tolichowki. The worth of the plots is estimated to be of Rs 70 crore.
Earlier, the ED also temporarily attached Rs 300 crores worth assets of Nowhera Shaikh and Heera Group of companies as a part of an investigation in August last year. The officials of Enforcement Directorate are investigating Rs 5 crore money laundering of Heera Gold scam.
It attached the 96 properties in Telangana, Andhra Pradesh, Maharashtra, Delhi and Kerala which include agricultural lands, commercial plots, residential buildings, commercial complexes and bank balances.
Heera Group has been accused of collecting Rs 5,600 crore from around 1.72 lakh investors across the country. It made false promises of paying a high rate of return of 3 per cent every month on the money invested.
The Enforcement Directorate also identified 10 bank accounts opened by Nowhera in foreign countries.