ED auctions Nowhera Shaik’s properties to repay victims
In Short
Proceeds to be transferred for disbursement to genuine investors and claimants
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ED auctions Nowhera Shaik’s properties to repay victims
Hyderabad: The Enforcement Directorate (ED) has raised Rs 88.23 crore through the auction of Karvy Centre, Naina Towers in Banjara Hills and other properties linked to Nowhera Shaik of the Heera Group. With the latest auction, the total proceeds from the sale of her attached properties in the city have reached approximately Rs 103 crore.
According to the ED, the auctions were conducted in compliance with directions issued by the Supreme Court in the case involving Nowhera Shaik, the Heera Group of Companies and others. The objective is to facilitate the restitution of funds to genuine victims and claimants.
The ED’s investigation under the Prevention of Money Laundering Act (PMLA) revealed that the accused entities had collected investments exceeding Rs 5,978 crore from the public by promising annual returns at interest rates of over 36 per cent. However, they subsequently defaulted on repayments.
The ED had issued five provisional attachment orders covering properties valued at Rs 428.83 crore and filed prosecution complaints before the court in the city.
Nowhera Shaik’s bail was cancelled by the Supreme Court, following which she was arrested by the ED on May 21, 2026. She remains in judicial custody.
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. The ED said it would continue auctioning the remaining attached properties to facilitate restitution to the victims.
Earlier, seven attached properties belonging to Nowhera Shaik were auctioned, fetching approximately Rs 15 crore. Following the latest auction, the total proceeds from the sale of her attached properties have reached approximately Rs 103 crore.
