The Enforcement Directorate (ED) has completed the registration of nine properties worth Rs 103.26 crore in the Heera Gold scam case in Hyderabad. The step follows Supreme Court directions to auction the seized assets and compensate genuine victims.
The properties were sold through an e-auction to help depositors who lost money in the alleged fraud. They include a luxury independent house in MLA Colony on Road No. 12 in Banjara Hills. Six luxury flats in Shaikpet were also among the properties sold.
Officials have completed registration for all nine properties. The authorities plan to distribute the proceeds to eligible victims in phases. The ED also intends to auction the remaining attached assets to compensate affected depositors.
The Heera Group companies allegedly collected more than Rs 5,978 crore from lakhs of people across India. The firms reportedly promised annual returns of over 36 per cent. They later failed to repay investors, including the principal amounts. Many depositors then approached the police.
Multiple first information reports were registered across Telangana, Andhra Pradesh and other parts of India. The ED then launched a money-laundering probe and invoked the Prevention of Money Laundering Act (PMLA). The agency has so far provisionally attached assets worth more than Rs 428 crore.
The investigation centres on Heera Group chief Nowhera Shaik, who faces allegations linked to the financial fraud. She remains in judicial custody under Supreme Court directions. The ED said it would auction the remaining attached properties in phases to ensure that eligible victims receive compensation.
