HYDERABAD: The Enforcement Directorate (ED) has taken another step towards recovering money for investors allegedly cheated in the Nowhera Shaik-Heera Group investment fraud case. The agency’s Hyderabad Zonal Office has completed the registration of nine auctioned properties with a combined sale value of ₹103.26 crore. The proceeds will be transferred to the Serious Fraud Investigation Office (SFIO) for disbursement among genuine victims and claimants in accordance with the Supreme Court’s directions.
According to the ED, the registration of two immovable properties was completed on Friday, October 16. These properties are Kanvy Centre and Naina Towers, located in Hyderabad’s Banjara Hills area. The two properties were sold for a combined consideration of approximately ₹88.23 crore.
Earlier, on October 5, the agency had completed the registration of seven other properties. With the latest registrations, the total number of registered auctioned properties has reached nine, with an aggregate sale value of ₹103.26 crore.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
Auction Conducted Under Supreme Court Directions
According to the ED, the auctions were conducted in accordance with the Supreme Court’s directions in the case involving Nowhera Shaik, the Heera Group of Companies and others. The objective is to facilitate the return of money to genuine victims and legitimate claimants affected by the alleged investment fraud.
The agency said the proceeds from the auctioned properties would be transferred to the SFIO, which will facilitate disbursement to eligible victims and claimants under the prescribed process.
The ED also stated that the auction of the remaining attached properties would continue as part of its efforts to recover funds and provide further relief to investors who allegedly lost their money in the scheme.
Group Accused of Collecting More Than ₹5,978 Crore
During its investigation under the Prevention of Money Laundering Act (PMLA), 2002, the ED found that the accused entities had allegedly collected more than ₹5,978 crore from the public by promising annual returns exceeding 36 per cent.
The group allegedly subsequently defaulted on repayments, leaving investors unable to recover their investments. The investigation is focused on alleged financial irregularities and the recovery of assets linked to the case.
As part of the probe, the ED issued five provisional attachment orders covering properties valued at ₹428.83 crore. The agency also filed prosecution complaints before the Special PMLA Court in Hyderabad.
The attachment and subsequent auction of properties are intended to help recover assets associated with the alleged financial wrongdoing and facilitate restitution for affected investors in accordance with the applicable legal process.
Nowhera Shaik Remains in Judicial Custody
Nowhera Shaik’s bail was cancelled by the Supreme Court before the ED arrested her on May 21, 2026. According to the agency, she remains in judicial custody.
The ED has reiterated that the auction of the remaining attached properties will continue to support efforts to return money to investors. The distribution of the auction proceeds will be carried out in accordance with the Supreme Court’s directions and the prescribed procedure.
Further investigation into the case is underway.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
