The Enforcement Directorate has completed the registration of nine immovable properties auctioned for a cumulative sale value of 103.26 crore rupees in connection with the money laundering probe against Nowhera Shaik and the Heera Group of Companies. The auction process was executed pursuant to directives issued by the Supreme Court to facilitate the restitution of funds to genuine victims and claimants who suffered losses in the multi-crore investment scheme. The agency’s Hyderabad Zonal Office concluded the formal registration of the final two commercial assets situated in Banjara Hills, Hyderabad, on October 16, 2026, marking significant progress in the judicial asset recovery process.
Registration of Prime Commercial Properties
The final phase of property conveyancing covered two major commercial complexes, namely Karvy Centre and Naina Towers, which together realized an aggregate consideration of approximately 88.23 crore rupees. This followed the earlier registration of seven other auctioned properties completed by the central agency on October 5, 2026. With the formal documentation of all nine assets now completed, total realizations from the court-ordered sales have reached 103.26 crore rupees. The auctions were organized specifically to comply with the apex court mandate, establishing an administrative channel to convert frozen real estate into liquid assets earmarked for the compensation of affected depositors.
Scale of the Investment Fraud and Attachments
Federal investigations conducted under the Prevention of Money Laundering Act revealed that the accused entities mobilized more than 5,978 crore rupees from the public by promising lucrative annual returns exceeding 36 percent. The company subsequently defaulted on its repayment commitments to depositors, prompting criminal enforcement proceedings. In the course of its financial investigation, the Enforcement Directorate issued five provisional attachment orders seizing assets valued at 428.83 crore rupees and filed formal prosecution complaints before the Special PMLA Court in Hyderabad. The agency had previously arrested primary promoter Nowhera Shaik on May 21, 2026, after the Supreme Court cancelled her bail, and she continues to remain in judicial custody.
Disbursement Through Serious Fraud Investigation Office
In accordance with judicial directives, the entire proceeds generated from the property auctions will be transferred to the Serious Fraud Investigation Office for eventual distribution among legitimate victims and claimants. The agency stated that the process of identifying eligible claimants and disbursing compensation will follow established legal frameworks under the oversight of the court. Enforcement officials confirmed that the auction of remaining attached properties will proceed in due course to maximize fund recovery for public investors. Further investigation into the financial operations of the Heera Group remains underway.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
