The Enforcement Directorate (ED), Hyderabad Zonal Office, said it completed the registration of seven auctioned properties in favour of the successful H-1 bidders on October 6, 2026. The properties were sold for a total consideration of about Rs. 15.03 crore and include six flats at H.S. Royal in Shaikpet Village and a house in MLA Colony, Road No. 12, Banjara Hills, Hyderabad.
The auction followed directions from the Supreme Court of India. In an order dated March 5, 2025, the Court permitted the ED to auction properties attached in the case involving Nowhera Shaik and the Heera Group of Companies to help secure funds for genuine claimants and victims. In a later order dated July 27, 2026, the Court directed the Registrar General of the Telangana High Court to appoint a registrar to execute the sale deeds.
The ED said its investigation under the Prevention of Money Laundering Act (PMLA), 2002, began after police registered multiple FIRs in different states. The investigation found that Nowhera Shaik and others collected more than Rs. 5,978 crore from the public, promising returns of more than 36% per annum. The entities later defaulted on repayments to many investors, and part of the alleged proceeds of crime was used to acquire properties in the names of Shaik, Heera Group entities, relatives and associates.
During the investigation, the ED issued five Provisional Attachment Orders covering properties valued at Rs. 428.83 crore. It has also filed a prosecution complaint and a supplementary prosecution complaint before the Special Court under PMLA in Hyderabad.
The Supreme Court cancelled Shaik’s bail on April 8, 2026, and directed her to surrender within a week, the ED said. After she did not comply, the Special Court under PMLA issued a Non-Bailable Warrant on May 7. The ED said it traced and apprehended her in Gurugram, Haryana, on May 21, 2026, in a joint operation with Haryana Police. She was brought to Hyderabad, produced before the Special Judge and remanded to judicial custody.
The auction proceeds will be transferred to the Serious Fraud Investigation Office (SFIO) for distribution to genuine victims and claimants, in line with the Supreme Court’s directions. The ED said it will continue steps to monetise the remaining attached properties and return the proceeds to victims. Further investigation is under progress.
