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Heera Group assets worth Rs 15-cr transferred to auction winners
In Short
ED completes registration of seven properties seized in the Nowhera Shaik case following Supreme Court directions
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Enforcement Directorate
Hyderabad: The Enforcement Directorate (ED) has completed the registration of seven properties auctioned in favour of the highest bidders in a money laundering case involving Nowhera Shaik and the Heera Group of Companies.
The ED officials stated on Wednesday that the seven immovable properties were auctioned for a total consideration of Rs 15.03 crore. The properties comprise six flats at HS Royal in Shaikpet village, Hyderabad, and a house in MLA Colony on Road No. 12, Banjara Hills. The auction was conducted pursuant to the directions of the Supreme Court, which allowed an application filed by the ED seeking permission to auction immovable properties attached in the case involving Nowhera Shaik, the Heera Group of Companies and others. The move was aimed at maximising the proceeds from the attached properties for restitution to genuine claimants and victims.
The apex court directed the Registrar General of the High Court for the State of Telangana to depute T Venkateshwar Rao, Registrar (Protocol), to execute the sale deeds on behalf of the petitioner-accused. Accordingly, the sale deeds for all seven properties have been duly registered in favour of the successful bidders.
During the investigation, the ED’s Hyderabad Zonal Office issued five Provisional Attachment Orders (PAOs), attaching properties valued at Rs 428.83 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The agency has also filed a prosecution complaint and a supplementary prosecution complaint before the Special Court under the PMLA in Hyderabad.
