New Delhi, June 20: The Enforcement Directorate (ED) has taken significant action in the high-profile money laundering case connected to the Heera Group of Companies. The agency successfully auctioned 23 attached properties valued at approximately ₹159 crore. This operation was conducted by the ED’s Hyderabad zonal office against the accused, Nohera Sheikh, and related entities.
According to the ED, during the investigation into Nohera Sheikh and her companies, it was revealed that they lured investors with promises of annual returns exceeding 36%. They raised over ₹5,978 crore from people across the country. Unfortunately, many investors did not receive their principal amounts back, resulting in widespread fraud.
The ED stated that in compliance with the Supreme Court’s directives, the auction of these properties was conducted on June 19 through the Metal Scrap Trade Corporation Limited (MSTC). The auction process was carried out transparently and competitively to maximize returns.
The properties auctioned by the ED were attached under the Prevention of Money Laundering Act (PMLA), 2002. They were identified as assets purchased with proceeds of crime. The adjudicating authority under the PMLA also confirmed the seizure of these assets.
The funds obtained from the auction will be used to compensate the genuine investors and return their money. This entire process will be conducted under the supervision and directives of the Supreme Court.
During the investigation, Nohera Sheikh was also accused of not complying with the Supreme Court’s orders. In response, the Supreme Court revoked her bail. Subsequently, a special PMLA court in Hyderabad issued a non-bailable warrant against her on May 7, 2026. The ED arrested her in Gurugram on May 21, 2026, and she was subsequently remanded to judicial custody.
The ED has also arrested her personal assistant, Nazneen Ansari, alias Abida. The agency alleges that she was involved in managing the proceeds of crime and obstructing the auction process. She is currently in judicial custody as well.
The ED has stated that further investigations are ongoing to ensure that investors receive their money back and that the assets acquired through crime are effectively liquidated.
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