During operations at five sites in hyderabad, the Enforcement Directorate (ED) discovered assets worth Rs 70 crore in the names of benamidars and Nowhera Shaik, the managing director of Heera gold Group. Twelve opulent automobiles discovered in the Nowhera Shaik complex were also taken by the ED during the operation. Details on her properties in the United Arab Emirates (UAE) were uncovered by the agency.
 
ED raids hyderabad properties under PMLA
In accordance with the requirements of the Prevention of Money Laundering Act (PMLA), agents from the ED hyderabad Zonal office conducted raids at five different sites inside the city. The raid was a component of the inquiry into a case involving Nowhera Shaik, the Heera Group, and other parties. They are being investigated for allegedly obtaining thousands of crores of rupees from the public on false pretences of receiving a 36 percent yearly return.

Luxury cars found in Nowhera Shaik’s property compound
Twelve luxury vehicles including a BMW, Mercedes Benz, toyota Fortuner, and mahindra Scorpio were among the twelve luxury automobiles and cash worth Rs 90 lakh discovered during the searches at residences in Hyderabad.
 
Property records for 13 properties registered under Nowhera Shaik and her family members were also discovered during the operation. These properties are worth 45 crore rupees.
 
It was also discovered that another set of property documents, valued at Rs 25 crore, were benami.
 
 
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Nowhera Shaik Case

G GOWTHAM

08/08/2024 07:46 AM