HYDERABAD: The Enforcement Directorate investigating money laundering allegations on Heera Group owned by entrepreneur turned founder of All India Mahila Empowerment Party Nowhera Shaik, attached properties worth Rs 299.99 crore, in connection with the frauds pulled off by the ponzi schemes floated by the company.
The attached properties including agricultural lands, commercial plots, residential buildings, commercial complexes and bank balances, spread in Telangana, Andhra Pradesh, Kerala, Maharashtra and Delhi.
ED had earlier initiated investigations under Prevention of Money Laundering Act (PMLA) in a ponzi fraud, based on cases registered by Central Crime Station, Hyderabad and Andhra Pradesh Police against Nowhera Shaik and her associates on the allegation of illegally collecting deposits from lakhs of investors under the guise of very high returns.
Multiple cases have been registered by the aggrieved depositors across the country against Heera Group of Companies.
Investigation revealed that Nowhera Shaik floated multiple companies under M/s Heera Group of Companies and collected an amount of approximately Rs 5,600 Crore as unauthorized deposits from around 1,72,000 investors across the country, with a false promise of paying high returns of 36 per cent per annum.