The Enforcement Directorate has completed the registration of seven Hyderabad properties auctioned for Rs 15.03 crore in the Heera Group Ponzi case, marking another step in the process of converting attached urban assets into funds for eligible victims.
The properties include six flats at H.S. Royal in Shaikpet Village and one house in MLA Colony, Road No. 12, Banjara Hills. The ED’s Hyderabad Zonal Office said the sale deeds had been registered in favour of the successful bidders.
According to the agency, the proceeds from the auction will be transferred to the Serious Fraud Investigation Office for onward disbursement to genuine victims and claimants of Nowhera Shaik, Heera Group of Companies and others. The distribution will take place in accordance with directions issued by the Supreme Court.
The auction was conducted on October 6 following the Supreme Court’s permission to sell immovable properties attached in the case. In an order dated March 5, 2025, the court allowed the ED to auction the properties with the stated objective of maximising recovery and restitution for genuine claimants.
The Supreme Court had also directed the Registrar General of the Telangana High Court to depute T. Venkateshwar Rao, Registrar (Protocol), to execute the sale deeds on behalf of the petitioner-accused. The registration of the seven properties has now been completed under that arrangement.
The case concerns allegations that Nowhera Shaik and associates collected more than Rs 5,978 crore from the public by promising annual returns of over 36%. The ED said its investigation found that the entities later defaulted on repayment of principal amounts and promised returns to a large number of investors.
The agency further said that part of the alleged proceeds of crime was used to acquire movable and immovable properties in the names of Shaik, Heera Group entities, relatives and associates. During the investigation, the ED issued five Provisional Attachment Orders under the Prevention of Money Laundering Act, attaching properties valued at Rs 428.83 crore.
A prosecution complaint and a supplementary prosecution complaint have been filed before the Special Court under the PMLA in Hyderabad. The agency’s action is based on multiple First Information Reports registered by police in different States.
The case also includes recent court-directed action against Nowhera Shaik. The Supreme Court cancelled her bail on April 8, 2026, and directed her to surrender to jail authorities within one week. After she failed to comply, the Special Court under the PMLA issued a non-bailable warrant on May 7.
The ED said Shaik was traced and apprehended in Gurugram, Haryana, on May 21 in a joint operation with Haryana Police. She was brought to Hyderabad, produced before the Special Judge under the PMLA and remanded to judicial custody, where she continues to remain.
The agency said it will continue taking steps to monetise the remaining attached properties and distribute the proceeds to victims in accordance with the Supreme Court’s directions.
