Heera Group Ponzi Case: ED Auctions 7 Hyderabad Properties For ₹15.03 Crore To Repay Defrauded Investors
Hyderabad, Oct 14: The Enforcement Directorate (ED), Hyderabad Zonal Office, has successfully completed the registration of seven immovable properties, auctioned for Rs 15.03 crore in favour of the successful bidders in connection with the Heera Group Ponzi case. The properties comprise six flats at H.S. Royal, Shaikpet Village, Hyderabad, and one house at MLA Colony, Road No. 12, Banjara Hills,…
The Enforcement Directorate (ED) in Hyderabad has auctioned seven properties, worth Rs 15.03 crore, to repay investors defrauded by the Heera Group Ponzi case. The properties include six flats in H.S. Royal, Shaikpet Village, and a house in Banjara Hills. The auction occurred on October 6, following Supreme Court directions. The ED states that the proceeds from the auction will be transferred to the Serious Fraud Investigation Office (SFIO) for distribution to the genuine investors.
Nowhera Shaik and her associates are accused of defrauding investors of over Rs 5,978 crore by promising annual returns of over 36%. The Supreme Court permitted the property auction on March 5, 2025, to maximize restitution to the victims.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
