The Enforcement Directorate on Saturday said it has auctioned fresh assets worth Rs 159 crore in connection with its money laundering investigation against Hyderabad-based Heera Group, accused of perpetrating a multi-crore investment fraud against depositors.
The properties auctioned comprise 23 immovable assets which were earlier attached under the Prevention of Money Laundering Act (PMLA). These were identified as “properties derived or acquired from the proceeds of crime.” The auction was conducted through Metal Scrap Trade Corporation Ltd (MSTC) on June 19 as per the directions of the Supreme Court, the ED said.
According to a statement, the ED said that auction proceeds will be used to restitute and repay genuine investors under the supervision of the Supreme Court.
Nowhera Shaik, the prime accused in the case and the main promoter of the Heera Group, was arrested by the agency last month in Gurugram in Haryana, along with her personal assistant, Nazneen Ansari, alias Abeeda. Both are currently in judicial custody.
Shaik, the Heera Group of Companies and others are alleged to have collected more than Rs 5,978 crore from the public with a promise of returns at over 36 per cent per annum.
They, however, failed to return even the principal amount, duping more than 1.72 lakh investors to the tune of Rs 3,000 crore, the ED alleged.
The ED has so far attached assets worth Rs 428 crore in the case and obtained permission from the top court to auction these properties to repay victims under a PMLA provision.
Some of the properties were auctioned earlier, fetching about Rs 122 crore to the government exchequer, as per the ED.