Hyd wing of ED tops in restitution of Rs 4K crore attached properties

Hyderabad: The Hyderabad wing of the Enforcement Directorate (ED), by effectively implementing restitution methods, has topped in making auctions of attached properties and restoring to victims approximately Rs 4,000 crore swindled from them in various sensational cases such as Ponzi scams, including those of Agri Gold and Heera Group of companies, following court directions.

The ED had obtained court directions in cases relating to Agri Gold, Heera Group of Companies, Sheetal Refineries, Musaddilal Jewellers, and GS Oils. The agency officials also restituted Rs 2,565 crore of Mehul Choksi's properties in Gitanjali Gems in PNB fraud linked to Hyderabad.

According to sources, the agency had attached more than Rs 7,000 crore in properties in different cases under the Prevention of Money Laundering Act in Andhra Pradesh and Telangana, following FIRs filed by different law enforcement agencies. After establishing crime proceedings, the ED attached properties and filed a petition before the apex court seeking directions for auction of the attached properties.

For Instance, the ED officials auctioned at least 10 of the attached properties of Nowhera Shaik in the Heera Group of companies case in Hyderabad and netted about Rs 103 crore. These funds are to be returned to victims who were cheated by the accused by collecting money in a Ponzi case.

ED's major cases in Telangana and AP.

• Nowhera Shaik and Heera Group, which indulged in approximately Rs 5000-crore Ponzi scheme by collecting funds from people and cheating them. The ED auctioned properties valued at Rs 300 crore to settle investors’ claims.

• Musaddilal Jewellers Pvt. Ltd., which indulged in depositing crores of rupees in the form of cash into bank accounts during the demonetisation period

• Agri Gold Group, which collected Rs 6,000 crore funds from customers under a Multi-Level Marketing (MLM) scheme and cheated its customers.

Timeline of restitution of attached properties.

October 16, 2026: Karvy Center, Naina Towers located at the posh Banjara Hills and other properties related to Nowhera Shaik of Heera Group were auctioned by the Enforcement Directorate (ED) netting Rs 88.23 crore.

October 14, 2026: Seven immovable properties of Nowhera Shaik were auctioned for a total consideration of Rs. 15.03 crore such as the properties comprising six flats at HS Royal, Shaikpet Village, Hyderabad, and one house at MLA Colony, Road No. 12, Banjara Hills.

June 20, 2026: ED conducted auction of 23 attached immovable properties of accused Nowhera Shaik, Heera Group of Companies, and related entities valuing Rs. 159 crore.

July 3, 2026: ED auctioned a seized Hawker 800A jet plane for Rs 3 crore in Falcon case linked to an alleged Rs 792-crore ponzi scam.

November 21, 2025: ED auctioned one attached immovable property of Nowhera Shaik (Heera Group of companies) at Rs. 19.64 crore.

ABOUT THE AUTHOR

Mouli Mareedu

Mouli Mareedu