The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of nine auctioned properties worth ₹103.26 crore in connection with the Nowhera Shaik-Heera Group investment fraud case, as part of efforts to recover money for investors who were allegedly cheated by the group.
The latest registrations, completed on Friday (October 16), involved two immovable properties, Kanvy Centre and Naina Towers, situated at Banjara Hills in Hyderabad, for a total sale consideration of approximately ₹88.23 crore.
Earlier, on October 5, the agency had completed the registration of seven other properties, taking the total number of registered properties to nine, with an aggregate consideration of ₹103.26 crore.
According to the ED, the auctions were conducted in accordance with directions issued by the Supreme Court in the case involving Nowhera Shaik, the Heera Group of Companies and others, with the objective of facilitating restitution to genuine victims and claimants.
The ED investigation under the Prevention of Money Laundering Act (PMLA), 2002, revealed that the accused entities had collected investments exceeding ₹5,978 crore from the public by promising annual returns of more than 36 per cent. However, the group subsequently defaulted on repayments, leaving investors unable to recover their money.
As part of the investigation, the ED issued five Provisional Attachment Orders covering properties valued at ₹428.83 crore and filed prosecution complaints before the Special PMLA Court in Hyderabad.
Nowhera Shaik, whose bail was cancelled by the Supreme Court, was apprehended by the ED on May 21, 2026, and remains in judicial custody.
The agency said the proceeds from the auctioned properties would be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to genuine victims and claimants, in accordance with the Supreme Court’s directions. The ED will continue auctioning the remaining attached properties to facilitate further restitution to investors. Further investigation is underway.
Published - October 16, 2026 07:08 pm IST