ED initiates assets return process to duped investors of Heera Group Ponzi scam

November 13, 2024 23:43

The Enforcement Directorate on Wednesday said it has initiated the process to restore funds to a clutch of genuine investors who were allegedly duped in a multi-crore Ponzi scam perpetrated by the Heera Group of companies in Telangana.

The Supreme Court issued an order on Monday allowing the federal agency to auction two immovable assets of the main promoter and "prime accused" in the case, Nowhera Shaik, and "settle" the claims of investors, it said in a statement.

The ED, over the last few months, has been undertaking the 'restitution of assets' or return of properties action for the persons, who were duped by fraud schemes, under the provisions of the Prevention of Money Laundering Act.

It has undertaken this measure in a few cases including in the Saradha Ponzi case of West Bengal.

The order of the apex court came on a writ petition of Shaik where she had listed three properties owned by her that can be auctioned to settle the dues after the ED told the SC that "substantive" justice would be met to investors who were duped in the "fraudulent" investment schemes of Shaik and Heera Group of companies.

The agency has been probing the accused since 2019 on charges of cheating gullible people and collecting thousands of crores of rupees from them on the false promise of "abnormally high" returns of around 36 per cent per annum. -- PTI

« Back to LIVE

TOP STORIES

LIVE! Baba Siddique's shooter came back to spot: Cops

99% burns, organs missing: Autopsy of Manipur woman

The autopsy report of the 31-year-old tribal woman, who was killed in Manipur's violence-hit Jiribam district on November 7, revealed that she was subjected to third-degree torture and suffered 99 per cent burns.

Cong leader promises LPG cylinders for 'infiltrators'

Congress leader Ghulam Ahmad Mir on Thursday promised that LPG cylinders will be provided in Jharkhand at a subsidised rate of Rs 450 even for 'infiltrators', sparking a political row in the midst of assembly elections in the eastern state.

India to pursue Dalla's extradition with Canada

India on Thursday said it will pursue an extradition request with Canada for Arsh Singh Gill alias Arsh Dalla, the de-facto chief of the Khalistan Tiger Force, following his arrest in that country.

SC reinstates woman sarpanch, fines Chhattisgarh govt

Coming down heavily on the Chhattisgarh government for removing an elected woman sarpanch of a remote village for 'unjustified reasons', the Supreme Court on Monday observed the state wanted the village head to go with a 'begging bowl...