Hyderabad, Oct 16 (IANS) Directorate of Enforcement (ED), Hyderabad Zonal Office, has completed the registration of two more immovable properties in Hyderabad for Rs.88.23 crore in connection with the Heera Group Ponzi case.
The agency said registration of two properties, namely Karvy Centre and Naina Towers, situated at Banjara Hills, was completed on Friday.
With the earlier registration of seven properties on October 5, ED has completed the registration of nine properties for an aggregate consideration of Rs. 103.26 crore.
The auctions were conducted pursuant to the directions of the Hon’ble Supreme Court in the case of Nowhera Shaik, Heera Group of Companies and others, intending to restitute proceeds to genuine victims and claimants, the agency said in a release.
ED investigation under the Prevention of Money Laundering Act (PMLA), 2002 revealed that the accused entities had collected investments exceeding Rs. 5,978 crore from the public by promising annual returns of over 36%, but subsequently defaulted on repayments.
ED has issued five Provisional Attachment Orders covering properties valued at Rs. 428.83 crore and filed prosecution complaints before the Special Court under PMLA, Hyderabad.
Nowhera Shaik, whose bail was cancelled by the Supreme Court, was apprehended by ED on May 21, 2026 and remains in judicial custody.
These auction proceeds shall be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to genuine victims/claimants, in accordance with the directions of the Supreme Court.
ED will continue with the auction of the remaining attached properties to facilitate restitution to victims. Further investigation is in progress, added the release.
ED on October 14 announced that it completed the registration of seven immovable properties, auctioned for Rs 15.03 crore in favour of the successful bidders.
The properties comprise six flats at H.S. Royal, Shaikpet Village, Hyderabad, and one house at MLA Colony, Road No. 12, Banjara Hills, Hyderabad.
The auction was conducted on October 6 pursuant to the directions of the Supreme Court.
In its order dated March 5, 2025, the Supreme Court allowed the application filed by ED seeking permission to auction immovable properties attached in the case of Nowhera Shaik, Heera Group of Companies and others, with a view to maximising realisation from the attached properties for restitution to the genuine claimants/victims.
Subsequently, the Supreme Court directed the Registrar General, Telangana High Court, to depute T. Venkateshwar Rao, Registrar (Protocol), for execution of the sale deeds on behalf of the petitioner-accused
–IANS
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