Hyderabad: The Enforcement Directorate (ED) completed the registration of two more immovable properties auctioned in the Nowhera Shaik Heera Group case, taking the total value of properties sold so far to ₹103.26 crore on Friday.
The agency's Hyderabad Zonal Office registered Karvy Centre and Naina Towers, both located in Banjara Hills, for a combined sale consideration of about ₹88.23 crore. The agency earlier registered seven other properties on October 5, bringing the total to nine properties.
The auctions were conducted on the directions of the Supreme Court, which is overseeing the case involving Nowhera Shaik, the Heera Group of Companies and others. The aim is to restitute proceeds to genuine victims and claimants.
Nowhera Shaik, whose bail was cancelled by the Supreme Court, was arrested by the ED on May 21, 2026 and remains in judicial custody.
According to the ED, in its probe under the Prevention of Money Laundering Act (PMLA), the accused entities collected more than ₹5,978 crore from the public by promising annual returns of over 36% and later defaulted on repayments.
The agency has so far issued five Provisional Attachment Orders covering properties worth ₹428.83 crore. It has also filed prosecution complaints before the Special Court under PMLA in Hyderabad.
As directed by the Supreme Court, proceeds from the auctions shall be transferred to the Serious Fraud Investigation Office (SFIO), which will disburse them to genuine victims and claimants. The ED said it will continue auctioning the remaining attached properties to facilitate restitution to victims.
The further investigation is under way.