Enforcement Directorate Attaches Nowhera Sheikh’s Properties Worth Rs 299 Crore

New Delhi: The Enforcement Directorate on Friday said it has attached properties to the tune of Rs 299 crore of Nowhera Sheikh of Heera Group including 96 immovable properties spread across several states in its probe into the ponzi scam.

An ED official said here that the agency has attached properties to the tune of Rs 299.99 crore under the provisions of money laundering act. The official said that it has attached properties of Sheikh consisting of 96 immovable properties located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth Rs 277.29 crore in the form of agricultural lands, commercial plots, residential buildings, commercial complexes and balances in bank accounts worth Rs 22.69 crore.

The ED has filed a case of money laundering on the basis of FIRs registered by Central Crime Station, Hyderabad, Telangana and Andhra Pradesh Police against Sheikh of Heera Group of Companies and others on the allegation of illegally collecting deposits from lakhs of investors under the guise of high returns. The official said there are multiple FIRs registered across the country against Heera Group of Companies. He said during probe it was found that Sheikh incorporated multiple companies under Heera Group of Companies and collected an amount of approximately Rs 5,600 crore as unauthorized deposits from around 1,72,000 investors (IBG Members) across the country by engaging a network of marketing executives and direct selling agents with a false promise of paying high rate of returns i.e. 3 per cent per month (36 per cent per annum). (IANS)

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