ED completes registration of seven Heera Group properties auctioned for ₹15.03 crore

The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of seven immovable properties belonging to the Heera Group of Companies in favour of successful bidders following an auction that fetched ₹15.03 crore. The proceeds will be transferred to the Serious Fraud Investigation Office (SFIO) for disbursement to genuine claimants and victims of the alleged investment fraud.

The properties, including six flats at H.S. Royal in Shaikpet village, and a house at MLA Colony, Road No. 12, Banjara Hills, were auctioned on October 6 in accordance with directions issued by the Supreme Court.

According to an ED press release issued on Wednesday, the Supreme Court, through an order dated March 5, 2025, had permitted the agency to auction immovable properties attached in the money laundering case against Nowhera Shaik, the Heera Group of Companies and others to maximise the amount available for restitution to investors.

Subsequently, on July 27, 2026, the apex court directed the Registrar General of the Telangana High Court to depute Registrar (Protocol) T. Venkateshwar Rao to execute the sale deeds on behalf of the petitioner-accused. Following the directions, the sale deeds for all seven properties were registered in favour of the successful bidders.

The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on multiple FIRs registered against Nowhera Shaik and the Heera Group in different states.

Investigators found that the accused had collected investments exceeding ₹5,978 crore from the public by promising unusually high annual returns of more than 36%. However, the entities subsequently defaulted on repayment of the principal amounts and promised returns to a large number of investors.

The agency said its investigation revealed that a portion of the alleged proceeds of crime had been used to acquire movable and immovable properties in the names of Nowhera Shaik, Heera Group entities, her relatives, and associates.

As part of the investigation, the ED issued five provisional attachment orders covering properties valued at ₹428.83 crore. A prosecution complaint and a supplementary prosecution complaint have also been filed before the Special PMLA Court in Hyderabad.

Meanwhile, the ED said the Supreme Court had cancelled Nowhera Shaik’s bail on April 8, 2026, and directed her to surrender before jail authorities within a week. Following her failure to comply, the Special PMLA Court in Hyderabad issued a non-bailable warrant against her on May 7.

Acting on intelligence inputs, ED officials traced and apprehended her in Gurugram, Haryana, on May 21 in a joint operation with the Haryana Police. She was subsequently brought to Hyderabad and produced before the Special PMLA Court, which remanded her to judicial custody. She continues to remain in custody, the agency said.

The ED stated that the ₹15.03 crore realised from the auction would be transferred to the SFIO for distribution to eligible victims and claimants in accordance with the Supreme Court’s directions.

The agency said it would continue efforts to monetise the remaining attached properties and facilitate restitution to investors. Further investigation is underway.