Business Standard

ED attaches assets worth Rs 33.06 crore in money laundering case

Enforcement Directorate said it has attached 24 immovable properties of one Nowhera Shaik and Heera Group of companies in Hyderabad worth Rs 33.06 crore in a case related to defrauding people

Enforcement Directorate, ED

IANS New Delhi
The Enforcement Directorate (ED) on Saturday said it has attached 24 immovable properties of one Nowhera Shaik and Heera Group of companies in Hyderabad worth Rs 33.06 crore in a case related to defrauding people.
The ED has been investigating a money laundering case against Heera Group of Companies and its Managing Director, Nowhera Shaik for allegedly cheating people and collecting money from them on the false promise of "abnormally high returns".
"Investigation revealed that Shaik and Heera Group of companies utilised part of proceeds of crime towards purchase of various immovable properties in her name and that of her companies," the official said.
The ED had earlier provisionally attached properties to the tune of Rs 367 crore acquired out of proceeds of crime by Shaik, Heera Group of companies, SA Builders & Developers, a Hyderabad based firm and Neelanchal Technocrats Pvt. Ltd, a Bengaluru-based company.
The total attachment in the case stands at Rs 400.06 crore.
Shaik was earlier arrested by the ED in this case and a Prosecution Complaint has also been filed at a special PMLA court in Hyderabad.
--IANS
atk/prw/pgh

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 26 2023 | 7:56 AM IST

Explore News