Hyderabad, India | June 20, 2026
ED Auctions Hira Group Assets worth nearly ₹159 crore as part of an ongoing money laundering investigation involving alleged financial irregularities linked to Nohara Shaikh, the Hira Group of Companies, and associated entities.
The Enforcement Directorate (ED), through its Hyderabad Zonal Office, announced that 23 attached immovable properties have been successfully auctioned under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Authorities said the proceeds from the auction will be utilized to compensate investors and victims who allegedly suffered financial losses in one of India’s largest alleged investment fraud cases.
The development marks a significant step in efforts to recover assets and return funds to thousands of affected investors under the supervision of the Supreme Court.
Alleged Investment Scheme Collected More Than ₹5,978 Crore
According to the ED, the money laundering investigation was initiated against Nohara Shaikh, the Hira Group of Companies, and other individuals accused of operating an investment scheme that allegedly promised exceptionally high annual returns exceeding 36 percent.
Investigators claim that the accused entities collected investments totaling more than ₹5,978 crore from investors across the country. Authorities allege that many investors were neither paid the promised returns nor able to recover their principal investments.
The case has attracted nationwide attention due to the scale of the alleged fraud and the large number of affected investors.
Properties Identified as Proceeds of Crime
The auctioned assets included properties that had been attached under provisions of the Prevention of Money Laundering Act.
According to the ED, investigators identified the properties as assets acquired or developed using alleged “proceeds of crime” generated through the scheduled offenses under investigation.
The attachment of the properties was subsequently confirmed by the Adjudicating Authority under the PMLA framework, allowing authorities to proceed with the disposal process.
Officials stated that the auction was conducted through MSTC Limited in accordance with Supreme Court directives and followed a transparent and competitive bidding process.
Auction Proceeds to Be Distributed to Investors
Authorities said the funds generated from the sale of the attached properties will be directed toward compensating genuine investors who allegedly suffered losses.
The distribution process will be carried out strictly under the supervision and guidance of the Supreme Court, ensuring transparency and accountability.
The recovery and distribution mechanism is expected to benefit thousands of investors seeking restitution after the alleged collapse of the investment scheme.
Officials described the auction as an important milestone in efforts to maximize asset recovery and facilitate victim compensation.
Nohara Shaikh Arrested Following Bail Cancellation
The ED also provided details regarding the legal proceedings involving Nohara Shaikh.
According to investigators, Shaikh allegedly failed to comply with directions issued by the Supreme Court during the course of the proceedings. Taking note of the matter, the apex court canceled her bail.
Subsequently, a Special Court under the PMLA in Hyderabad issued a non-bailable warrant against her on May 7, 2026.
Acting on specific intelligence inputs, ED officials arrested Shaikh from Gurugram, Haryana, on May 21, 2026. Following her arrest, the court remanded her to judicial custody.
The investigation into the financial transactions and asset trail remains ongoing.
Personal Assistant Also Faced Arrest
The agency stated that Nazneen Ansari, also known as Abida, who served as Nohara Shaikh’s personal assistant, was also arrested in connection with the case.
According to investigators, Ansari allegedly participated in activities related to the possession, use, and handling of funds identified as proceeds of crime.
The ED further alleged that despite being aware of Supreme Court directions regarding the auction of attached properties, she intentionally obstructed the auction process.
Authorities claim she prevented inspections of certain properties and allegedly misrepresented attached assets as untainted properties.
Investigators contend that these actions interfered with the execution of court-approved asset recovery proceedings.
Major Step in Asset Recovery Efforts
The successful auction of ₹159 crore worth of attached properties represents one of the most significant recovery actions in the ongoing case.
Financial crime investigators view the development as a critical move toward restoring investor confidence and ensuring that victims receive compensation from recovered assets.
As legal proceedings continue, authorities are expected to pursue additional recovery measures while tracing any remaining assets linked to the alleged fraud.
The case remains under judicial scrutiny, with further proceedings expected in the coming months.
