The Hyderabad-based Hira Group and its promoters are accused of defrauding lakhs of investors across the country through an alleged Ponzi scheme
Maharashtra Government Moves to Attach Heera Group Properties
The Maharashtra government has issued an order to attach properties linked to the Heera Group, following concerns about the company’s failure to repay investor deposits. This directive was signed by Anup Kumar Singh, Principal Secretary (Special) Home. The order specifies that the Heera Group has collected deposits from investors and has not returned the funds upon maturity.
The government has expressed satisfaction that the Heera Group, along with its senior executives, has not repaid these deposits when demanded. Consequently, the government deems it necessary to take action by attaching properties believed to have been acquired using the funds collected from investors.
The ED had earlier attached properties worth over Rs 400 crore in the money laundering case they were investigating against Heera Group.
The group had started gold, food, textile trading businesses only to create the impression that they were earning legitimate profits, but in reality, the payouts to the new members were simply being funded from the cash flows generated from new investments, according to the ED findings, which had conducted a separate investigation under the PMLA against the group . You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in Mumbai