ED Auctions Nowhera Shaik’s Property for ₹19.64 Crore to Repay Heera Group Scam Victims
PakkaHyderabadi 
The Enforcement Directorate auctioned an attached property of Heera Group founder Nowhera Shaik for ₹19.64 crore as part of its recovery efforts in the ₹6,000-crore scam.
The Enforcement Directorate (ED), Hyderabad Zone, has successfully auctioned an immovable property belonging to Heera Group founder and scam accused Nowhera Shaik for ₹19.64 crore. Officials confirmed that the property was formally registered in the buyer’s name on Friday.
The funds raised through this auction will be directed toward compensating victims of the multi-crore investment fraud.
According to officials, the ED has been probing Nowhera Shaik and her associates under the Prevention of Money Laundering Act (PMLA), 2002) for allegedly collecting nearly ₹6,000 crore from investors by promising an annual return of 36%. Investigators say the company failed to repay even the principal amount invested by thousands of depositors.
During the investigation, the ED identified that a portion of the illegally acquired funds had been diverted to purchase properties. As a result, assets worth ₹428 crore were attached by the agency.
So far, the ED has recovered ₹25 crore through auctions, and an additional ₹68.63 crore is expected from other successful bidders whose properties are in the final stages of processing. Officials added that more attached assets from the Heera Group will be auctioned soon as part of continued efforts to recover investor money.
