Overview
- Nowhera Shaik was arrested in Gurugram on Thursday, May 21, in a joint operation by the Enforcement Directorate and Haryana Police and was brought to Hyderabad and remanded to judicial custody.
- The ED says Shaik and the Heera Group collected up to ₹5,978 crore, promised returns of about 36% a year, and duped roughly 1.72 lakh investors of about ₹3,000 crore, according to charges filed under the Prevention of Money Laundering Act.
- Investigators have attached around ₹428 crore in assets linked to the case and have auctioned some properties, which so far have fetched about ₹122 crore for restitution to victims.
- The agency alleges Shaik used a false identity and forged documents to hide in Gurugram, floated multiple companies, operated scores of bank accounts across India and abroad, and diverted investor funds into personal assets.
- With Shaik in custody, the ED will continue its PMLA probe, seek execution of sale deeds for auctioned properties and coordinate court-supervised efforts to return sale proceeds to affected investors.