Enforcement Directorate Registers Auctioned Heera Group Properties Worth ₹15.03 Crore

The Enforcement Directorate Hyderabad Zonal Office has finished registering seven properties belonging to the Heera Group of Companies for ₹15.03 crore after a public auction. These properties include six flats at H.S. Royal in Shaikpet village and a house at MLA Colony on Road Number 12 in Banjara Hills. The auction took place on October 6 following orders from the Supreme Court.

Property Sale Details

The Supreme Court allowed the agency to auction these attached properties to give money back to investors who lost funds in the alleged investment fraud. The apex court told the Registrar General of the Telangana High Court to send Registrar Protocol T. Venkateshwar Rao to sign the sale deeds for the accused. The Enforcement Directorate launched its probe under the Prevention of Money Laundering Act of 2002 after police filed multiple FIRs against Nowhera Shaik and the Heera Group across different states.

Investigation Findings

Investigators discovered that the accused collected more than ₹5,978 crore from the public by offering very high annual returns. The companies later stopped returning the principal money and promised profits to investors. Officials found that the accused used crime proceeds to buy movable and immovable properties for Nowhera Shaik, company entities, relatives, and associates. The agency issued five attachment orders covering properties worth ₹428.83 crore and filed complaints before the Special Prevention of Money Laundering Act Court in Hyderabad.

Legal Status of Accused

The Supreme Court cancelled Nowhera Shaik's bail on April 8, 2026, and ordered her to surrender within a week. She did not follow the order, so the Special Court issued a non-bailable warrant on May 7. Enforcement Directorate officials caught her in Gurugram on May 21 with help from the Haryana Police, brought her to Hyderabad, and put her in judicial custody.

Context

The money raised from this auction will go to the Serious Fraud Investigation Office so victims can get their funds back. The agency plans to sell more attached properties to help investors recover their lost savings as the case continues.