india

Ponzi scam: ED attaches ₹300 crore assets of Telangana group

The properties belong to Nowhera Shaik of Heera Group of Companies and others, and are spread across multiple States.

The Enforcement Directorate on Friday said it has attached assets worth about ₹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.

The agency has issued a provisional order under the Prevention of Money Laundering Act for attachment of the assets valued at ₹299.99 crore, it said.

“The attached assets comprise 96 immovable properties located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth ₹277.29 crore in the form of agricultural lands, commercial plots, residential buildings, commercial complexes and balances in bank accounts worth ₹22.69 crore,” the ED said in a statement.

The case pertains to the fraudulent money circulation scheme perpetrated by the Heera Group in Hyderabad. The ED had filed a criminal case of money laundering based on a Telangana police FIR and a few other complaints.

Source: Read Full Article