Heera Group Case: ED Completes Registration of Seven Auctioned Properties Realising Rs 15.03 Crore
Sale deeds executed in favour of successful bidders; proceeds to be routed through SFIO for disbursement to genuine claimants in Nowhera Shaik PMLA case.
(By Syed Ali Taher Abedi)
Hyderabad, October 14, 2026: In a significant step towards restitution for thousands of investors allegedly defrauded in the Heera Group case, the Directorate of Enforcement (ED), Hyderabad Zonal Office, has completed the registration of seven immovable properties auctioned for an approximate total consideration of Rs 15.03 crore in favour of the successful H-1 bidders on October 6, 2026.
The registered assets comprise six flats at H.S. Royal, Shaikpet Village, Hyderabad, and one house at MLA Colony, Road No. 12, Banjara Hills, Hyderabad. The auction and subsequent conveyance were carried out pursuant to the directions of the Hon’ble Supreme Court of India, marking a decisive phase in the monetisation of attached proceeds of crime in the Prevention of Money Laundering Act (PMLA) case against Nowhera Shaik, the Heera Group of Companies and others.
Supreme Court’s Mandate
By its order dated March 5, 2025, the Hon’ble Supreme Court permitted the ED to auction immovable properties attached in the case, with the avowed object of maximising realisation from the attached assets for restitution to genuine claimants and victims.
Subsequently, by order dated July 27, 2026, the Apex Court directed the Registrar General of the Hon’ble High Court for the State of Telangana to depute T. Venkateshwar Rao, Registrar (Protocol), to execute the sale deeds on behalf of the petitioner-accused. In compliance with these directions, the sale deeds in respect of all seven properties have now been duly registered in favour of the successful bidders.
Alleged Investment Fraud
The ED’s investigation was initiated under the PMLA, 2002, against Nowhera Shaik, Heera Group entities and others on the basis of multiple FIRs registered by police authorities across different States.
Investigation revealed that the accused allegedly collected investments exceeding Rs 5,978 crore from the public by promising abnormally high returns of more than 36 per cent per annum.
The entities are alleged to have thereafter defaulted on repayment of both principal amounts and promised returns to a large number of investors.
The ED found that part of the alleged proceeds of crime was utilised for acquisition of movable and immovable properties in the names of Nowhera Shaik, Heera Group entities, her relatives and associates.
Attachment and Prosecution
During the course of investigation, the ED, Hyderabad Zonal Office, issued five Provisional Attachment Orders (PAOs), attaching properties valued at Rs 428.83 crore under the provisions of the PMLA, 2002. A Prosecution Complaint and a Supplementary Prosecution Complaint have also been filed before the Hon’ble Special Court under PMLA at Hyderabad.
Arrest After Bail Cancellation
The Hon’ble Supreme Court, taking serious note of the conduct of Nowhera Shaik, cancelled her bail by order dated April 8, 2026, and directed her to surrender before the jail authorities within one week. Upon her failure to comply, the Hon’ble Special Court under PMLA, Hyderabad, issued a Non-Bailable Warrant (NBW) on May 7, 2026.
Acting on intelligence inputs, the ED traced and apprehended Nowhera Shaik from Gurugram, Haryana, on May 21, 2026, in a joint operation with the Haryana Police, and arrested her in execution of the NBW. She was thereafter produced before the Hon’ble Special Judge, PMLA, Hyderabad, and remanded to judicial custody, where she continues to remain.
Restitution to Victims
The proceeds realised from the auction of the attached properties shall be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to genuine victims and claimants of Nowhera Shaik, Heera Group of Companies and others, in accordance with the directions of the Hon’ble Supreme Court.
The ED stated that it will continue to take necessary steps for monetisation of the remaining attached properties and for restitution of the proceeds to victims, strictly in accordance with the Apex Court’s directions. Further investigation in the matter is under progress.
