Enforcement Directorate auctions 23 Heera properties as proceeds of crime
Business
The Enforcement Directorate (ED) just auctioned off 23 Heera Group properties, pulling in ₹159crore on June 19.
This move came after a Supreme Court order, with the properties labeled as "proceeds of crime" under money laundering laws.
Auction proceeds to compensate Heera investors
All the money from the auction will go toward paying back people who lost their savings to Heera Group's scam.
Led by Nowhera Shaik, the group promised huge returns to more than 1.72lakh investors, but ended up causing losses of around ₹3,000crore.
The ED has been steadily recovering assets and both Shaik and her aide are currently in judicial custody as the case continues.