The Directorate of Enforcement has completed the registration of an attached property belonging to Heera Group chief Nowhera Shaik after auctioning it for ₹19.64 crore.
The registration was finalised before the Sub Registrar’s office on November 21, marking a key step in the long-running money laundering case linked to thousands of investors across multiple States. The property was originally attached under a provisional order dated August 16, 2019.
ED has been investigating Nowhera Shaik and others under the Prevention of Money Laundering Act following several FIRs filed in Telangana, Andhra Pradesh, Kerala and other States. Police investigations earlier found that she and her associates had collected more than ₹5,978 crore from investors with the promise of annual returns exceeding 36 %, eventually failing to repay even the principal amounts.
ED’s probe later revealed that part of the alleged proceeds of crime had been diverted into immovable properties held in her name, the names of her companies and those of her relatives. Assets worth about ₹428 crore have been attached so far, and both a prosecution complaint and a supplementary complaint have been filed before the Special PMLA Court in Hyderabad.
During the course of the investigation, ED sought permission from the Supreme Court to auction confirmed attached properties so that proceeds could be restored to victims. Following the court’s approval, several properties were listed for sale through MSTC. About ₹25 crore has already been realised from auctioned assets, and another ₹68.63 crore is expected from successful bidders, taking the anticipated recovery to ₹93.63 crore. More attached properties are set to be auctioned in the coming months.
Officials said the proceeds from these sales will be channelled towards restitution for victims of the Heera Group scheme. The completion of registration for the ₹19.64 crore property is expected to expedite the eventual disbursal of funds once the legal process concludes.
Published – November 21, 2025 08:06 pm IST
