The Enforcement Directorate (ED) will e-auction two properties of Nowhera Shaik in Hyderabad on March 4, following Supreme Court orders. The properties, Naina Towers in Shaikpet and a commercial building in Hydershakote, Rangareddy district, belong to Heera Retail (Hyderabad) Private Limited and Heera Foodex Pvt. Ltd. The ED had registered cases against Nowhera Shaik for her alleged involvement in illegal money collection through Ponzi activities and seized her properties.
The e-auction will be conducted with a starting price of Rs. 43.50 crore for Naina Towers, which has a built-up area of 45,217 square feet, and Rs. 42.50 crore for the commercial building, which spans 3,726 square yards. The ED has stated that the properties have a clear and marketable title, with no legal issues or encumbrances. Bidders will be required to deposit Rs. 50 lakh as earnest money for each property.
The proceeds from the auction will be used to return amounts due to the victims of Nowhera Shaik’s alleged Ponzi scheme. The ED had registered cases against her and seized her properties following complaints of illegal money collection. The Supreme Court’s permission was obtained to conduct the e-auction, which is scheduled to take place on March 4.
