Hyderabad: The Adjudicating Authority under the Prevention of Money Laundering Act (PMLA) has said that the attachment of properties belonging to Heera Group of Companies founder Nowhera Shaik and her aides would continue during investigation.
An order of confiscation with regard to this will be passed under sub-section (5) or (7) of Section 8 of the Act by the Special Court, the authority said in its order. The order pertained to 72 properties, including the first floor on ‘Link Square’ building Bandra West in Mumbai and a prime property in Shaikpet in Hyderabad.
An appeal against the order lies before the Appellate Tribunal, PMLA in New Delhi and an appeal can be filed by the defendants within a period of 45 days from the date of the receipt of the order. A few weeks ago, the Maharashtra police took Shaik into custody in connection with a case booked against her in Mumbai.
The ED Joint Director from Hyderabad is the complainant in the case while there were 38 defendants including Shaik, a resident of Bilquees Manzil on Road No 12 at MLA Colony in Banjara Hills. On August 16, 2019, the ED attached assets worth Rs 299.99 crore of Shaik. The assets were spread across multiple States and were attached in connection with Ponzi scheme case in which she was arrested.
The attached assets consisting of 96 immovable properties are located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth Rs. 277.29 crore in the form of agricultural lands, commercial plots, residential buildings, commercial complexes and balances in bank accounts worth Rs 22.69 crore.
The ED initiated investigations under PMLA on the basis of First Information Reports (FIRs) registered by the Central Crime Station (CCS) of Hyderabad police and Andhra Pradesh police against Shaik and others on the allegation of illegally collecting deposits from lakhs of investors after promising high returns.