The Enforcement Directorate has completed the registration of nine Hyderabad properties auctioned in connection with the Heera Group of Companies case, bringing their combined value to Rs 103.26 crore, according to the agency’s account reported by Deccan Chronicle. Two of the properties, Karvy Centre and Naina Towers in Banjara Hills, were registered on Friday.
The registration follows the completion of formalities for seven other properties on October 5. The developments form part of the ED’s action in a case involving entities linked to Nowhera Shaik, who is accused in an alleged Ponzi scheme involving public funds and promised high annual returns.
The ED has also taken possession of two additional immovable properties in Hyderabad valued at Rs 88.23 crore. The agency’s action places a total of Rs 191.49 crore in identified registered or possessed properties within the latest account of the case, although the two sets of assets are described separately by the agency as auctioned properties and additional properties taken into possession.
According to the ED, its investigation under the Prevention of Money Laundering Act, 2002, found that the accused entities allegedly collected more than Rs 5,978 crore from members of the public. The entities allegedly promised annual returns of more than 36 per cent but failed to make repayments.
The properties in Banjara Hills are located in one of Hyderabad’s established commercial and high-value real estate districts. Their registration and possession demonstrate how an alleged financial fraud case can move into the city’s property system, with commercial buildings and other immovable assets becoming part of recovery and enforcement proceedings.
The ED said it had issued five provisional attachment orders covering assets valued at Rs 428.83 crore. It has also filed prosecution complaints before a special court dealing with cases under the Prevention of Money Laundering Act in Hyderabad.
The case has also affected the legal status of Nowhera Shaik. After the Supreme Court cancelled her bail, she was taken into ED custody on May 21 and remains in judicial custody, according to the report. The allegations remain subject to proceedings before the competent court.
The latest property action does not by itself establish the final distribution or recovery available to investors or other affected members of the public. The next steps will depend on the prosecution proceedings, the status of attached and possessed assets, and orders passed by the special PMLA court in Hyderabad.
