ED auctions attached property of money launderer for Rs 19.64 crore

Hyderabad, Nov 21 (LatestNewsX) The Directorate of Enforcement (ED), Hyderabad Zonal Office, has successfully auctioned for Rs 19.64 crore an attached immovable property of the accused Nowhera Shaik (Heera Group of companies), accused in a case of duping investors of over Rs 5,978 crore, an official said on Friday.

The attached property’s auction and its registration in the name of the buyer were completed before the Sub-Registrar’s office on Friday, the official said in a statement.

The property was attached by ED through a provisional attachment order dated August 16, 2019.

The sale proceeds collected by the ED from the auction of attached properties shall be used for restoration/restitution to the victims/investors of the fraud committed by Nowhera Shaik, Heera Group of companies and others.

The registration of the impugned auctioned property of Rs 19.64 crore in the name of the successful bidder marks the completion of the auction process in respect of the said property and will pave the way for restitution of auction proceeds to the victims of the fraud in the future, said the statement.

The ED has been investigating a case against a woman, accused Nowhera Shaik and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on the basis of several FIRs registered by the police authorities of Telangana, Andhra Pradesh and Kerala.

Investigation by the police authorities has, inter alia, revealed that Nowhera Shaik and others had collected investment of more than Rs 5,978 crore from the gullible public with a promise of higher returns of more than 36 per cent a year.

The accused, however, failed to return even the principal amount, thereby duping the gullible investors.

The ED investigation revealed that Nowhera Shaik had utilised part of the Proceeds of Crime towards the purchase of various immovable properties in her name, her companies’ name and in the names of her relatives.

During the investigation, properties amounting to Rs 428 crore have been attached by the ED and Prosecution Complaint as well as Supplementary Prosecution Complaint have been filed before the Special PMLA Court, Hyderabad.

rch/dan