Heera Gold scam: ED completes registration of nine properties worth Rs 103.26 crore

Hyderabad: The Enforcement Directorate (ED) has completed registration of nine properties worth Rs 103.26 crore seized in the Heera Gold scam case. The process followed Supreme Court directions to auction the assets and compensate genuine victims.

The properties were sold through an e-auction to help depositors who lost money in the alleged fraud. They include a luxury independent house in MLA Colony on Road No. 12 in Banjara Hills, Hyderabad. Six luxury flats in Shaikpet were also among the properties sold.

Officials have completed registration for all nine properties. The authorities plan to distribute the proceeds to eligible victims in phases. The ED also intends to auction the remaining attached assets to help compensate affected depositors.

Heera Gold scam investigation covers assets worth over Rs 428 crore

Heera Group companies allegedly collected more than Rs 5,978 crore from lakhs of people across India. The firms reportedly promised annual returns of over 36 per cent. However, they later failed to repay investors, including their principal amounts. Many depositors then approached the police.

Following the registration of multiple first information reports across Telangana, Andhra Pradesh and other parts of India, the ED launched a money-laundering probe. The agency invoked the Prevention of Money Laundering Act (PMLA) to investigate the case.

The ED has provisionally attached assets worth more than Rs 428 crore so far. The investigation centres on Heera Group chief Nowhera Shaik, who faces allegations linked to the financial fraud.

Nowhera Shaik remains in judicial custody under Supreme Court directions, according to the supplied report. The ED said it would auction the remaining attached properties in phases. The agency aims to ensure that eligible victims receive compensation.