Justice G. Sridevi of the Telangana High Court directed Enforcement Directorate officials of Hyderabad not to take any coercive steps against businessman Syed Akthar and his two sons who were issued summons in a case of Prevention of Money Laundering Act-2002.
Closing a petition filed by Mr. Akthar and his sons seeking anticipatory bail, the judge also instructed them to appear before the ED officials and cooperate with the investigators. The ED authorities issued summons to them seeking to record their statements in ponzi scam involving Heera group of companies led by Nowhera Shaik.
The ED-Hyderabad unit took up an investigation following the First Information Reports issued in ponzi scam involving Heera group and its associates. Ms. Nowhera Shaik and her main associates Molly Thomas and Biju Thomas were arrested and interrogated in May, 2019, the ED officials said in a counter affidavit filed in the HC.
They told the court that total proceeds of ponzi scam involving Heera group were to the tune of ₹5,600 crore. As part of the investigation, the ED had been analysing trail of money involved in the scam.
Analysis of Heera group bank accounts revealed that money was transferred to others to cover up their sham and benami land transactions.
Summons were issued to several persons who had received substantial sums of money from Heera group accounts. ED wanted to provide an opportunity to them to explain the nature of financial transactions they had with Heera group and record their statements.
As part of this routine process, summons were also issued to Mr. Akthar and his sons Syed Afsar and Syed Qaiser, the affidavit said.
The trio owning SA Builders and Developers received ₹148 crore from Nowhera Shaik. Instead of explaining their links with Heera group, the petitioners moved HC seeking anticipatory bails, the ED officials said in the counter affidavit.
