NEW DELHI: The Enforcement Directorate (ED) on Friday said it has attached assets worth about Rs 300 crore in connection with its money laundering probe in an alleged ponzi scam involving the Heera Group of Telangana.
The properties belong to Nowhera Shaik of Heera Group of Companies and others, and are spread across multiple states.
ED attaches under PMLA, 96 immovable properties in Telangana, Kerala, Maharashtra, Delhi & Andhra Pradesh worth ₹ 277.29 crore & balances in bank A/cs worth ₹22.69 crore totaling to ₹ 299.98 crore of Nowhera Shaik of Heera Group of Companies & others in a #ponzischeme case.
— ED (@dir_ed) August 16, 2019
The agency has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of the assets valued at Rs 299.99 crore, it said.
“The attached assets comprise 96 immovable properties located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth Rs 277.29 crore in the form of agricultural lands, commercial plots, residential buildings, commercial complexes and balances in bank accounts worth Rs 22.69 crore,” the Enforcement Directorate said in a statement.
The case pertains to the fraudulent money circulation scheme perpetrated by the Heera Group in Hyderabad and the ED had filed a criminal case of money laundering in the instance based on a Telangana Police FIR and a few other complaints.
Source: Press Trust of India