Heera Group ponzi scam: ED completes registration of 7 properties auctioned in Hyderabad

The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of seven immovable properties auctioned for Rs 15.03 crore in connection with the Rs 5,978-crore Heera Group Ponzi scam.

Hyderabad: 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, Hyderabad.

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The ED said in a statement on Wednesday that proceeds realised from the auction of the attached properties shall be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to the genuine victims/claimants of Nowhera Shaik, Heera Group of Companies and others, in accordance with the directions of the Supreme Court.

Nowhera Shaik and her associates duped investors of over Rs 5,978 crore with false promises of 36% annual returns.

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. Accordingly, the sale deeds in respect of the seven properties have been duly registered in favour of the successful bidders.

ED investigation was initiated under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 against Nowhera Shaik, Heera Group of Companies and others on the basis of multiple FIRs registered by police in different States.

Investigation revealed that Nowhera Shaik and others had collected investments of more than Rs 5,978 crore from the public by promising abnormally high returns of more than 36% per annum. However, the entities subsequently defaulted on repayment of the principal amounts and promised returns to a large number of investors.

Investigation further revealed that part of the Proceeds of Crime so generated was utilised for acquisition of various movable and immovable properties in the names of Nowhera Shaik, Heera Group entities, her relatives and associates.

During the course of investigation, ED, Hyderabad Zonal Office issued five Provisional Attachment Orders (PAOs), attaching properties valued at Rs 428.83 crore under the provisions of PMLA, 2002. Prosecution Complaint and Supplementary Prosecution Complaint have also been filed before the Special Court under PMLA, Hyderabad.

The Supreme Court, after taking serious note of the conduct of Nowhera Shaik, cancelled her bail through an order dated April 8, 2026 and directed her to surrender before the jail authorities within one week. Upon her failure to comply, the Special Court under PMLA, Hyderabad issued a Non-Bailable Warrant (NBW) on May 7. Thereafter, acting on intelligence inputs, ED traced and apprehended Nowhera Shaik from Gurugram, Haryana on May 21, in a joint operation with Haryana Police, and arrested her in execution of the NBW. She was brought to Hyderabad, produced before the Special Judge, PMLA, and remanded to judicial custody, where she continues to remain.

ED said that it will continue to take necessary steps for monetisation of the remaining attached properties and restitution of the proceeds to the victims, in accordance with the directions of the Supreme Court.