Maharashtra Govt Attaches 10 Flats of Heera Group Promoter in Ulwe

The Maharashtra government has ordered the attachment of 10 residential flats belonging to Heera Group promoter Novera Sheikh at Delta Tower in Sector 8, Ulwe, Navi Mumbai. The action was taken under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act after the group operated an alleged Ponzi scheme and failed to repay depositors.

According to authorities, all 10 attached properties are under the direct ownership of Sheikh. The enterprise had reportedly gathered substantial sums from people under the promise of returns but failed to return the funds or deliver the promised benefits once the investments matured.

The formal attachment order was issued by Anup Kumar Singh, Principal Secretary (Special) Home. In the order regarding the Heera Group, Singh noted that the business entity had collected deposits from the public and subsequently defaulted on returning them following maturity.

The state government noted it was satisfied that the Heera Group and its senior management failed to return the deposits upon demand. Consequently, the government deemed it expedient to attach properties believed to have been purchased using funds amassed directly from investors.

The Hyderabad-based group and its promoters, including Sheikh, face allegations of defrauding lakhs of investors across India through the fraudulent investment model.