Nowhera Shaik case: ED in Hyderabad attaches assets worth Rs 103.4 cr

Nowhera Shaik case ED in Hyderabad attaches assets worth Rs 103.4 cr

Hyderabad: The Enforcement Directorate’s (ED) Hyderabad Zonal Office has provisionally attached 27 immovable properties of Nowhera Shaik and Heera Group of Companies on Wednesday, January 8, which have a market value of Rs 103.4 crore and a book value of Rs 17.14 crore.

Nowhera Shaik, Heera Group, and others were booked under the provisions of the PMLA, 2002 in a case related to defrauding people through a Ponzi scheme by collecting thousands of crores of rupees
from them on the false promise of abnormally high returns of around 36% per annum.

Also Read
Where is the money: SC cancels Nowhera Shaikh’s bail over Rs 580 cr scam

The total amount involved in the scam is estimated to be around Rs 5,600 crore, affecting approximately 1.72 lakh investors across states such as Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Kerala.

The Supreme Court had previously directed that funds seized by various agencies from Nowhera Shaikh’s company could be utilised for repaying defrauded investors.

The ED had earlier provisionally attached properties worth Rs 400 crore acquired from the proceeds of crime (POC) by Nowhera Shaik, Heera Group of Companies, and others.

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