NEW DELHI, May 25 -- The Directorate of Enforcement (ED) has arrested Heera Group chief Nowhera Shaik in connection with an alleged Rs 3,000 crore investor fraud and money laundering case being investigated under the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, Shaik was taken into custody in Gurugram, Haryana, on May 21, after agencies tracked her movements amid allegations that she had been evading investigation. She was later brought to Hyderabad and produced before a special PMLA court, which remanded her to judicial custody.
The case stems from multiple FIRs registered by police authorities in Telangana and Andhra Pradesh against Shaik, Heera Group companies and several associates. Investigators allege that over 1.72 lakh investors across the country were duped through investment schemes promising annual returns of nearly 36 per cent.
The ED claimed that funds collected from investors were diverted through various company accounts and later used to acquire movable and immovable assets. Several properties allegedly linked to proceeds of crime have already been attached under provisions of the PMLA. Investigators also alleged that despite repeated assurances, investors neither received the promised returns nor the principal amounts they had deposited with the group. The agency said recovery proceedings have continued under judicial supervision. It further alleged that Shaik failed to cooperate fully during the investigation and did not execute sale deeds related to auctioned properties valued at around Rs 122 crore. The asset auctions had earlier been permitted by the Supreme Court to facilitate compensation for affected investors through mechanisms overseen by the Serious Fraud Investigation Office.
Published by HT Digital Content Services with permission from Millennium Post.