The Enforcement Directorate (ED) has auctioned assets worth ₹159 crore in connection with its money laundering investigation against the Hyderabad-based Heera Group, which has been accused of carrying out a multi-crore investment fraud involving depositors.
According to the agency, the auctioned properties comprise 23 immovable assets that had earlier been attached under the Prevention of Money Laundering Act (PMLA). The ED said these assets were identified as properties derived or acquired from the proceeds of crime.
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Auction Conducted Under Supreme Court Directions
The auction was conducted through Metal Scrap Trade Corporation Ltd (MSTC) on June 19 following directions issued by the Supreme Court, the ED said in a statement.
The agency stated that the proceeds generated through the auction would be used for restitution and repayment to genuine investors. The process is being carried out under the supervision of the Supreme Court.
Attached Properties Linked to Heera Group Probe
The ED’s action forms part of its ongoing investigation into the Heera Group, which is facing allegations related to a large-scale investment fraud involving depositors.
Officials said the 23 immovable properties had previously been attached under provisions of the PMLA. The agency maintained that the assets were linked to proceeds of crime identified during the course of the investigation.
Prime Accused in Judicial Custody
The ED recently arrested Nowhera Shaik, identified as the prime accused in the case and the main promoter of the Heera Group, from Gurugram in Haryana.
Her personal assistant, Nazneen Ansari, also known as Abeeda, was arrested along with her. According to the agency, both individuals are currently in judicial custody.
The ED said the auction of the attached assets represents a step toward recovering funds for investors as the investigation into the alleged fraud continues.
