ED attaches assets worth Rs 33.06cr in money laundering case

New Delhi, March 25 (IANS) 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

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