HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of nine auctioned properties worth a combined ₹103.26 crore in the case involving Nowhera Shaik and the Heera Group of Companies. The proceeds are intended to support the repayment of genuine investors and claimants under the directions of the Supreme Court of India.
According to reports citing the ED, two additional properties, valued at approximately ₹88.23 crore, were registered on Friday. These properties are Karvy Centre and Naina Towers, located in Banjara Hills, Hyderabad. The registration follows the completion of registration for seven other auctioned properties on October 5, 2026, which generated approximately ₹15.03 crore.
₹5,978 Crore Investment Case
- The ED’s investigation under the Prevention of Money Laundering Act (PMLA), 2002, alleges that Nowhera Shaik and associated entities collected more than ₹5,978 crore from the public by promising annual returns exceeding 36 per cent. The agency alleges that the entities subsequently defaulted on repayments of principal amounts and promised returns to numerous investors.
- During the investigation, the ED issued five Provisional Attachment Orders covering properties valued at approximately ₹428.83 crore. The agency has also filed prosecution complaints before the Special Court under the PMLA in Hyderabad.
Supreme Court Directions and Investor Compensation
- The property auctions were conducted pursuant to Supreme Court directions intended to maximise the recovery of funds for genuine victims and claimants.
- The auction proceeds are to be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to eligible investors and claimants, in accordance with the court’s directions.
- The ED has stated that it will continue taking steps to auction the remaining attached properties to facilitate further recovery. The investigation remains ongoing.
Status of Nowhera Shaik
- According to reports citing the ED, Nowhera Shaik was apprehended on May 21, 2026, after the Supreme Court cancelled her bail and subsequent legal proceedings followed. She remains in judicial custody, according to the latest reports.
- The recovery and distribution process is intended to provide relief to genuine investors. The amount ultimately received by individual claimants will depend on the applicable verification and disbursement process.
Source: Enforcement Directorate information, as reported by IANS and other news organisations.
