Hyderabad: The Enforcement Directorate (ED) recently conducted raids at five locations in Hyderabad and found properties worth Rs 70 crore in the names of Heera Gold Group Managing Director Nowhera Shaik and benamidars.
During the raid, the ED also seized 12 luxury cars found in the compound of Nowhera Shaik. The agency discovered details of her properties in the United Arab Emirates (UAE).
ED raids Hyderabad properties under PMLA
Officials from the ED Hyderabad Zonal Office raided five locations in the city under the provisions of the Prevention of Money Laundering Act (PMLA). The raid was part of the investigation into a case against the Heera Group, Nowhera Shaik, and others.
The investigation against them is ongoing for collecting thousands of crores of rupees from the public with the promise of a 36 percent annual return.
Luxury cars found in Nowhera Shaik’s property compound
During the raids at properties in Hyderabad, cash worth Rs 90 lakh and 12 luxury cars, including BMW, Mercedes Benz, Toyota Fortuner, and Mahindra Scorpio, were found.
The raid also unearthed property documents for 13 properties registered under Nowhera Shaik and her relatives. The value of these properties is Rs 45 crore.
Another set of property documents, worth Rs 25 crore, was also recovered and identified as benami.