Heera Group founder Nowhera Shaik (File Photo)
Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has arrested Nazneen Ansari alias Abeeda under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the multi-crore Heera Group investment fraud case.
According to the ED, Nazneen Ansari was arrested on June 2, 2026, for her alleged role in activities linked to the proceeds of crime generated through the Heera Group’s investment schemes.
The arrest comes days after the agency intensified its action against Heera Group founder Nowhera Shaik, who was recently arrested in connection with the long-running Sharia-compliant investor fraud and money laundering investigation.
The ED investigation originated from multiple FIRs registered by the Telangana and Andhra Pradesh Police against Nowhera Shaik, Heera Group companies and their associates for collecting huge deposits from investors through fraudulent investment schemes.
Investigators allege that the group lured investors by promising unusually high returns and later failed to repay both profits and principal amounts. The ED has stated that more than 1.72 lakh investors were affected by the alleged fraud.
According to the agency, Nazneen Ansari served as the personal assistant to Nowhera Shaik and played an active role in managing properties attached by the ED as proceeds of crime. The investigation revealed that she was allegedly involved in collecting rent from attached properties, encouraging fresh investments into Heera Group schemes, and misleading various authorities regarding the status and ownership of those assets.
The ED further alleged that Ansari remained in possession and use of attached properties despite being fully aware of the ongoing investigation and court proceedings. She is accused of facilitating the continued commercial exploitation of properties identified as proceeds of crime and helping collect investments from victims even after enforcement action had commenced.
Investigators have stated that evidence collected during the probe indicates that Ansari knowingly assisted in activities connected with the possession, use, concealment, projection and generation of further proceeds of crime. Based on these findings, the agency has invoked provisions of the PMLA relating to money laundering.
A significant aspect of the case relates to properties attached by the ED and subsequently approved for auction under directions of the Supreme Court.
According to the agency, Ansari was aware of the apex court’s orders but deliberately obstructed auction proceedings by directing staff under her control not to permit inspections of attached properties and by portraying such assets as untainted.
The Heera Group case has emerged as one of the largest investment frauds investigated in recent years. The group projected itself as a Sharia-compliant business conglomerate engaged in sectors such as gold trading, real estate, textiles and other commercial activities.
Investigators allege that thousands of investors, many from middle and lower-income backgrounds, were persuaded to invest their savings on assurances of profit-sharing returns reportedly reaching up to 36 per cent annually.
According to information placed before courts and investigative agencies, the alleged fraud involved mobilisation of thousands of crores of rupees from investors across multiple states.
The ED has attached several movable and immovable assets linked to the group and has accused the promoters of diverting investor funds for personal use and asset acquisition. Assets worth hundreds of crores of rupees have already been attached under the PMLA, while several properties have been auctioned following Supreme Court approval to facilitate recovery for investors.
The Supreme Court had recently directed Nowhera Shaik to cooperate with the execution of sale deeds relating to auctioned properties and linked future bail considerations to such compliance. The ED has alleged that repeated attempts were made to delay investigations and auction proceedings through various legal and administrative means.
The agency stated that the arrest of Nazneen Ansari demonstrates that attempts to evade legal proceedings, interfere with investigations or obstruct court-approved auctions will invite strict action under the law.
