HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal Office, has successfully completed the auction of 23 attached immovable properties worth approximately ₹159 crore linked to accused Nowhera Shaik, the Heera Group of Companies and associated entities. The move is aimed at facilitating the repayment process for thousands of investors allegedly defrauded in one of India’s biggest investment fraud cases.
Multi-Crore Money Laundering Investigation
According to the official release issued on June 20, 2026, ED had initiated a money laundering investigation against Nowhera Shaik, Heera Group of Companies and several others for allegedly collecting investments exceeding ₹5,978 crore from the public.
Investigators alleged that investors were lured with promises of exceptionally high returns of more than 36 per cent annually. However, authorities claim the company later failed to return even the principal amounts invested, leaving thousands of people across the country financially affected.
Supreme Court Directions Led to Auction Process
The auction was conducted in compliance with directions issued by the Supreme Court in Miscellaneous Application No. 2227 of 2024 in Writ Petition No. 31 of 2020.
The sale of the attached properties took place on June 19, 2026, through Metal Scrap Trade Corporation Limited (MSTC). The ED stated that the process was carried out in a transparent and competitive manner under judicial supervision.
Officials said these properties had already been attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 after investigators identified them as assets allegedly derived from proceeds of crime.
Assets Confirmed Under PMLA Provisions
The attached assets were previously confirmed by the Adjudicating Authority under the PMLA framework.
Authorities stated that monetising these properties is an important step toward recovering money and ensuring that victims receive compensation.
The ED emphasised that the proceeds generated from the auction will be directed toward restitution and repayment to genuine investors under the supervision and guidance of the Supreme Court.
Major Relief for Thousands of Investors
Officials believe the auction marks significant progress in returning money to affected investors who have been waiting for years for compensation.
The agency stated that the funds generated from the sale will advance the process of compensating thousands of individuals allegedly cheated in the investment scheme.
Investor repayment, however, will be carried out strictly according to court-approved procedures.
Bail Cancelled, Nowhera Shaik Arrested
The ED also highlighted that during the investigation, Nowhera Shaik allegedly failed to comply with directions issued by the Supreme Court. Taking note of the alleged violations, the Supreme Court cancelled her bail.
Subsequently, the Special Court under PMLA in Hyderabad issued a non-bailable warrant against her on May 7, 2026. Acting on specific intelligence inputs, ED officials arrested Nowhera Shaik from Gurugram, Haryana, on May 21, 2026.
She was then produced before the competent court, which ordered her judicial custody. She continues to remain in custody.
Personal Assistant Also Arrested
The ED further stated that Nazneen Ansari, also known as Abeeda, who served as Nowhera Shaik’s personal assistant, was allegedly involved in activities connected to the possession, utilisation and generation of proceeds of crime.
Investigators accused her of deliberately obstructing the auction process despite being aware of Supreme Court directions.
Authorities alleged that she prevented property inspections and falsely represented certain assets as untainted properties.
Following her arrest, she was produced before the Special PMLA Court, which remanded her to judicial custody, where she continues to remain.
ED Reaffirms Commitment
The Enforcement Directorate said it remains committed to ensuring effective attachment, confiscation and monetisation of assets linked to proceeds of crime.
The agency reiterated that all efforts are focused on facilitating the lawful restitution of money to defrauded investors in accordance with court directives. Officials also confirmed that further investigation into the matter is currently underway.
The successful completion of the ₹159 crore property auction is being seen as a major development in India’s long-running efforts to recover funds from financial frauds and return them to victims through judicially supervised mechanisms.
