The Enforcement Directorate (ED) has taken steps in the Naheera Shaikh-Heera Group investment scam, which affected thousands of investors nationwide. Following clear directives from the Supreme Court, the ED successfully completed the registration process for 9 properties sold in a public auction, as part of the process to compensate victims.
Officials announced that funds amounting to Rs. 103.26 crore were raised through these transactions. These sales were conducted under the supervision of the ED's Hyderabad Zonal Office.
The registrations for properties including the Karvy Centre and Naina Towers in Hyderabad's Banjara Hills area were completed on October 16. The sale of these two large commercial properties alone generated a large portion of the funds.
The ED will oversee the process of disbursing the funds generated from these asset sales back to the victims. Thousands of investors lost their investments in this widespread scam.