Under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the Enforcement Directorate (ED) has temporarily attached 24 movable properties owned by Mrs. Nowhera Shaik and the Heera Group of Companies, Hyderabad, totaling Rs. 33.06 Crore in a case involving fraud.
The Prevention of Money Laundering Act, 2002 is a law passed by the Indian Parliament with the intention of preventing money laundering and providing for the confiscation of assets obtained through money laundering.
A money laundering case has been opened by the ED against the Heera Group of Businesses and their managing director Mrs. Nowhera Shaik, for defrauding innocent victims and extorting thousands of crores of rupees from them under the false pretence of abnormally high returns of almost 36% annually.
Money laundering is the process by which an unlawful fund, or “black money,” obtained through illicit means is covered up with legal funds and then presented as “white money.”
A certain amount of the proceeds of crime were used by Mrs. Nowhera Shaik and her Heera Group of companies to purchase various immovable properties in their names and the names of their companies, according to the investigation.
Earlier, the ED had temporarily attached assets worth around Rs. 367 crore that Mrs. Nowhera Shaik, the Heera Group of enterprises, M/s SA Builders & Developers, a Hyderabad-based company, and M/s Neelanchal Technocrats Pvt. Ltd., a Bangalore-based company, had purchased using proceeds from crime. The case has a total attachment of Rs. 400.06 billion (approx.).
In connection with this investigation, the ED had already detained Mrs. Nowhera Shaik, and the Special PMLA Court in Hyderabad has also been served with a prosecution complaint. Further investigation is going on.
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