The Enforcement Directorate has completed the registration of nine properties auctioned in connection with the Nowhera Shaik-led Heera Group of Companies case, including the Karvy Centre and Naina Towers in Hyderabad’s Banjara Hills, the agency said.
Registration of the two Banjara Hills properties was finalised on Friday, according to the ED. The agency had completed registration of seven other properties on October 5, taking the total value of the nine registered assets to Rs 103.26 crore.
The properties are linked to the investigation into an alleged Ponzi scheme operated by the Heera Group. The ED said its probe under the Prevention of Money Laundering Act, 2002, found that the accused entities had allegedly collected more than Rs 5,978 crore from members of the public by promising annual returns of over 36 per cent.
According to the agency, the entities failed to make the promised repayments. The investigation has involved the tracing, attachment and recovery of immovable assets associated with the case.
The ED has also taken possession of two additional immovable properties in Hyderabad. The agency has valued these assets at Rs 88.23 crore. The latest possession action is separate from the nine properties whose auction-related registration has now been completed.
The agency said it had issued five provisional attachment orders covering assets worth Rs 428.83 crore. It has also filed prosecution complaints before a special Prevention of Money Laundering Act court in Hyderabad.
The case concerns Heera Group founder Nowhera Shaik, whose bail was cancelled by the Supreme Court. She was taken into ED custody on May 21 and is currently in judicial custody, according to the report.
The registration of the auctioned properties marks a further administrative step in converting enforcement action against the group’s assets into formally recorded property transfers. The ED’s latest action also adds to the value of Hyderabad properties taken into possession during the investigation, although the report does not specify how the proceeds from the registered assets will be distributed to alleged investors.
The agency’s prosecution complaints and proceedings before the special PMLA court remain part of the continuing legal process. Further action will depend on the court proceedings and the implementation of decisions concerning the attached and auctioned properties.
