On August 5, 2021, the Enforcement Directorate (ED) seized 24 immovable properties belonging to Nowhera Shaik Companies. The properties were seized as part of an ongoing investigation into allegations of money laundering and fraud against Nowhera Shaik and her companies.
Nowhera Shaik is the founder and managing director of Heera Group of Companies, which operates in various sectors including real estate, gold trading, and healthcare. She has been accused of running a Ponzi scheme that defrauded thousands of investors across India and the Middle East.
The ED had earlier attached 15 properties belonging to Nowhera Shaik Companies in 2019. The latest seizure brings the total number of attached properties to 39. The properties include land, buildings, and apartments located in Hyderabad, Bengaluru, and Mumbai.
The ED alleges that Nowhera Shaik and her companies collected huge sums of money from investors by promising high returns on their investments. However, instead of investing the money in legitimate business ventures, the funds were allegedly diverted for personal use and to pay off earlier investors.
The ED has also alleged that Nowhera Shaik and her companies created fictitious accounts and manipulated financial statements to conceal the fraud. The agency has estimated that the total amount involved in the scam could be around Rs 5,600 crore.
Nowhera Shaik was arrested by the ED in 2018 and has been in custody since then. She has been denied bail multiple times by various courts. The ED has also filed chargesheets against her and other accused persons in the case.
The seizure of the immovable properties is a significant development in the case as it will help the ED recover some of the money defrauded from investors. The agency has also initiated proceedings to confiscate other assets belonging to Nowhera Shaik and her companies.
The case highlights the need for investors to exercise caution while investing their money and to thoroughly research the credibility of the companies they invest in. It also underscores the importance of regulatory authorities in monitoring and cracking down on fraudulent schemes to protect the interests of investors.
