ED Completes Registration of Nine Heera Group Properties Worth Rs 103.26-Cr for Victim Restitution
In a press release issued on Friday, the ED’s Hyderabad Zonal Office said the latest registration covered two properties — Kavya Centre and Naina Towers — at Banjara Hills in Hyderabad, for a sale consideration of approximately ₹88.23 crore.
The registration of seven other properties had been completed on October 5.
The auctions were conducted pursuant to the Supreme Court’s directions in the case involving Nowhera Shaik, the Heera Group of Companies and others, with the objective of restituting proceeds to genuine victims and claimants.
According to the ED, its investigation under the Prevention of Money Laundering Act (PMLA), 2002, revealed that the accused entities had collected investments exceeding ₹5,978 crore from the public by promising annual returns of more than 36 per cent, but subsequently defaulted on repayments.
The agency said it had issued five provisional attachment orders covering properties valued at ₹428.83 crore and filed prosecution complaints before the Special Court under the PMLA in Hyderabad.
Nowhera Shaik, whose bail was cancelled by the Supreme Court, was apprehended by the ED on May 21, 2026, and remains in judicial custody, the agency said.
The auction proceeds will be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to genuine victims and claimants in accordance with the Supreme Court’s directions.
Further investigation is in progress, the ED added.
