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Heera Group's premises searched under India's AML for alleged fraud

( August 7, 2024, 09:33 GMT | Official Statement) -- MLex Summary: Premises of India's Heera Group across multiple locations in Hyderabad were searched as part of a money-laundering investigation by the country's financial crime-fighting watchdog on Aug. 3. The Directorate of Enforcement launched the investigation under the 2002 Prevention of Money Laundering Act, based on allegations that the group and its managing director, Nowhera Shaik, have allegedly defrauded investors of billions of rupees by promising exorbitant returns. During the raids, the ED seized cash, luxury cars, and property documents. The enforcement agency suspects that the proceeds of the crime were invested in assets both at home and abroad in the UAE. The statement from the Directorate of Enforcement follows:...

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