Hyderabad (Telangana) [India], October 16 : The Directorate of Enforcement (ED), Hyderabad Zonal Office, has completed the registration of nine auctioned properties worth Rs 103.26 crore in the Nowhera Shaik-Heera Group case, with two properties worth approximately Rs 88.23 crore registered on Friday.
The two immovable properties, Karvy Centre and Naina Towers, are situated in Banjara Hills, Hyderabad. The latest registrations follow the registration of seven properties on October 5, taking the aggregate sale consideration to Rs 103.26 crore.
According to the release, the auctions were conducted pursuant to the directions of the Supreme Court in the case of Nowhera Shaik, Heera Group of Companies and others, with the objective of restituting proceeds to genuine victims and claimants.
The ED investigation under the Prevention of Money Laundering Act (PMLA), 2002, revealed that the accused entities had collected investments exceeding Rs 5,978 crore from the public by promising annual returns of over 36 per cent but subsequently defaulted on repayments.
The ED has issued five Provisional Attachment Orders covering properties valued at Rs 428.83 crore and filed prosecution complaints before the Special Court under PMLA, Hyderabad.
Nowhera Shaik, whose bail was cancelled by the Supreme Court, was apprehended by the ED on May 21, 2026, and remains in judicial custody.
The auction proceeds will be transferred to the Serious Fraud Investigation Office (SFIO) for onward disbursement to genuine victims and claimants, in accordance with the directions of the Supreme Court. The ED will continue auctioning the remaining attached properties to facilitate restitution to victims.
Further investigation is in progress.