ED attach further assets of Rs 78 crore in PMLA case of Heera Group

In connection with the PMLA case of the Heera Group, the Enforcement Directorate (ED) has attached assets totaling Rs 78.63 crore from builders based in Hyderabad (SA Builders and Developers) and Bengaluru (Neelanchal Technocrats Pvt Ltd).

ED has provisionally attached immovable and movable assets worth Rs. 78.63 Crore under the Prevention of Money Laundering Act, 2002 (PMLA). This includes properties worth Rs. 37.58 Crore owned by Hyderabad-based firm M/s SA Builders & Developers, where Mr. Syed Akhtar is Partner, and bank balance of Rs. 41.05 Crore held by Bangaluru-based builder M/s Neelanchal Technocrats Pvt Ltd of Sallarpuria Group.

ED attach further Rs 78 cr assets in PMLA case of Heera Group Mrs Nowhera sheik

In 2018, the ED had registered a money laundering case under the PMLA against Mrs. Nowhera Sheik and others who had collected more than 5,000 crore from the public as investment against the false promise of an unreasonably high 36% annual return on investment (ROI). However, they failed to repay even the principal amounts, and as a result, they had defrauded thousands of innocent investors.

The ED discovered during the investigation that Mrs. Nowhera Sheik and the Heera Group of Companies had sent Rs. 148 crore to M/s SA Builders and Developers in Hyderabad in order to purchase property in the Tolichowki neighborhood of Hyderabad. Out of which, properties worth Rs 70 crore that the ED had previously attached were actually purchased for and registered in the name of Heera Group. The ED did learn that M/s SA Builders & Developers, Hyderabad, still held the remaining funds of Rs. 78 crore, which were part of the crime proceeds of the aforementioned case.

Further investigation by the ED revealed that M/s SA Builders and Developers, Hyderabad had transferred Rs 41 crore out of the said crime proceeds of Rs 78 crore to M/s Neelanchal Technocrats Pvt. Ltd. and 4 other Shell entities in Kolkata and Shillong. Also that these funds were ultimately routed back to ‘Sallarpuria Sattva Group’ as loans.

The ED searched the Sallarpuria Sattva Group’s Bangalore offices on November 7, 2022, and found the aforementioned money trail. They then attached immovable property and bank balances totaling Rs. 78 crore that belonged to the crime proceeds of the aforementioned PMLA case.

Previously, the ED had attached properties worth Rs. 300 crore in the same case. More research is being conducted.

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