The Directorate of Enforcement (ED) has arrested Heera Group chief Nowhera Shaik from Gurugram in connection with an alleged Rs 3,000-crore fraud involving over 1.72 lakh investors across the country.
Arrest Details
According to the agency, Shaik was apprehended on Thursday from an Airbnb property in Sector 45, where she was allegedly living under a false identity using forged documents. She was arrested under the provisions of the Prevention of Money Laundering Act (PMLA) and produced before a special PMLA court in Hyderabad, which remanded her to judicial custody.
Case Background
The case originates from multiple FIRs registered by the Telangana and Andhra Pradesh police against Shaik, her associates and Heera Group entities. Investigators allege that investors were lured with promises of returns of up to 36% annually, but the company failed to repay both profits and principal amounts.
Fund Diversion and Asset Attachment
The ED said funds collected from investors were diverted through company accounts to personal use and invested in acquiring movable and immovable assets. Several such assets have already been attached as "proceeds of crime" under the PMLA.
The agency further alleged that Shaik attempted to delay the investigation and the auction of attached properties by filing misleading affidavits before courts and revenue authorities. The Supreme Court recently allowed the ED to auction attached properties before the conclusion of trial proceedings to facilitate investor repayment through the Serious Fraud Investigation Office (SFIO).
Property Auction and Non-Cooperation
ED officials said properties worth around Rs 122 crore have already been auctioned, but Shaik allegedly did not cooperate in executing sale deeds for successful bidders.
Tracking and Arrest
Following a non-bailable warrant issued earlier this month by a Hyderabad court, and based on intelligence inputs, the ED, along with Haryana Police, tracked her down in Gurugram and carried out the arrest. Further investigation is underway.
