The well-known Heera Group’s properties had been seized by the Enforcement Directorates (ED), but on Friday, the Supreme Court decided to release them.
The Enforcement Directorate (ED) declared on Wednesday that it had attached immovable and movable assets worth Rs. 78.63 crores in connection with an investment fraud case in which Dr. Nowhera Shaik others have been accused.
To safeguard the interests of investors regarding claims totaling about Rs 400 crores, Heera Group has given the SC information totaling Rs 641 crores.
In response to the historic decision that was made in the first week of December, Dr. Nowhera Shaik, CEO of Heera Group, stated, “It is nothing but pure Heera and we are finally vindicated.”
Details of the case’s litigation process:
The Supreme Court’s order from earlier that day, on March 24, 2022, had stated that “the petitioners again state that they have no objections so long as any of the properties numbering 87 attached are sold transparently and as per a reasonable market price and they will also assist the SFIO in that process.”
The SC Division Bench ruled on November 10th and noted, “Despite the fact that the story is almost four years old, the report has yet to come, which worries FSL Lab. According to the petitioners (SFIO), some of the problems brought up by the tax expert are also related to the confiscation of the laptops and the same lies that were found in the FSL lab. As a result, SFIO brings up the concern about making sure the FSL report issue is given finality once more.”
Main highlights of the case
Dr. Nowhera Shaik assured investors that their claims would be settled more swiftly. Out of 87 properties, one was valued at Rs. 800 crores. This was sufficient to substantiate all assertions.
As repeatedly stated by Dr. Nowhera Shaik, the Heera Group has operated under an interest-free business model from its inception. She went on to say that Hyderabad’s Tolichowki offered to maintain the investors’ faith and confidence.
