Nowhera case: ED unearths Rs 148 crore trail, seeks information

HYDERABAD: ED has discovered Rs 148 crore of alleged proceeds of crime generated in the illegal deposit scam of Nowhera Sheik’s Heera Group.
Claiming that it was part of the Rs 5,600 crore fraud perpetrated by her and her associates, the ED has issued summons to businessman Syed Akther of Tolichowki and his two sons, asking them to appear before the investigators in Hyderabad and explain how they, along with SA Builders and Developers, received this money.
Apprehending arrest from the ED, Akther and his sons trio approached the high court, seeking protection from coercive actions, including arrest. Justice Sri Devi of the HC issued notice to ED asking it to explain the case. ED assistant director M Harikrishna Reddy, filed an affidavit in the court, stating that while tracking the trail of the scamtainted money, they came across the Rs 148 crore transferred to Akther and others. He also said they could trace only Rs 300 crore so far of the Rs 5,600 crore till now.
He also said Nowhera Shaik’s associates in the crime were Molly Thomas and Biju Thomas. “It was only after questioning them and recording their statements, we could attach Rs 299 crore worth assets belonging to Heera Group,” he said. ED has been analysing bank account details of Heera Group companies and sham land transactions entered into the records of Nowhera companies, he said.
“We record the statements of such individuals to ascertain facts. It was in this process, we summoned Akther and his sons. In fact, we summoned them only as witnesses. They should come and depose before us as to how they received this money, the purpose etc. Since they are only witnesses, the question of arresting them does not arise,” the AD explained.