ED Registers Nine Properties Worth ₹103.26 Crore in Nowhera Shaik Case
The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of nine auctioned properties valued at ₹103.26 crore in the Nowhera Shaik and Heera Group case. The properties include Karvy Centre and Naina Towers in Banjara Hills.
Hyderabad: The Enforcement Directorate (ED), Hyderabad Zonal Office, has completed the registration of nine auctioned properties valued at ₹103.26 crore in the Nowhera Shaik and Heera Group case. The properties include Karvy Centre and Naina Towers in Banjara Hills.
On October 16, 2026, the ED registered two properties for a total sale consideration of approximately ₹88.23 crore. Earlier, seven properties were registered on October 5, taking the aggregate value of the nine properties to ₹103.26 crore.
The auctions were conducted in accordance with Supreme Court directions to facilitate the return of funds to genuine victims and claimants.
According to the ED’s investigation under the Prevention of Money Laundering Act (PMLA), 2002, the accused entities allegedly collected more than ₹5,978 crore from the public by promising annual returns exceeding 36%, before defaulting on repayments.
The agency issued five provisional attachment orders covering properties worth ₹428.83 crore and filed prosecution complaints before the special PMLA court in Hyderabad.
Following the Supreme Court’s cancellation of her bail, Nowhera Shaik 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 distribution among eligible victims and claimants. The ED said further auctions of attached properties would continue.
