Indian enforcement authorities have apprehended an individual accused of impersonating a government consultant to obstruct investigations into the massive Heera Group financial scandal that defrauded thousands of investors across India and the United Arab Emirates.
The Enforcement Directorate’s Hyderabad zonal office took Kalyan Banerjee into custody on January 10th following an intensive probe under the Prevention of Money Laundering Act (PMLA) of 2002. The arrest represents a significant development in the ongoing investigation into Nowhera Shaik, founder of Heera Group, who stands accused of orchestrating a sophisticated investment scheme that collected approximately Dh2.45 billion from unsuspecting investors with promises of extravagant 36% annual returns.
According to official statements, Banerjee was allegedly recruited by Shaik after multiple legal attempts to prevent property auctions connected to the case had failed. The accused reportedly positioned himself as having influential connections with senior bureaucrats and politicians, then contacted ED officers in a brazen attempt to manipulate the auction process. When instructed to follow proper legal channels, Banerjee allegedly resorted to threatening enforcement officials and pressuring them to delay proceedings.
Investigators conducting searches at Banerjee’s Secunderabad premises uncovered mobile devices containing incriminating WhatsApp conversations with Shaik and her associates. These communications reportedly revealed coordinated efforts to influence both investigative and judicial processes while facilitating the sale of properties allegedly acquired through criminal proceeds.
During his recorded statement under PMLA provisions, Banerjee confessed to the impersonation charges and admitted to acting under direct instructions from Shaik and her associates. The special PMLA court in Nampally has remanded him to judicial custody until January 23rd.
The Enforcement Directorate has previously attached properties valued at approximately Dh175.5 million in connection with the Heera Group case. The agency has also pursued Supreme Court authorization to auction confirmed attached assets, with proceeds designated for victim restitution.
Last month, the Telangana High Court dismissed a petition filed by Shaik seeking to halt the auction process, imposing exemplary costs of Rs5 crore (Dh2 million) to be deposited into the Prime Minister’s relief fund.
The collapse of Heera Group has created substantial financial devastation for investors throughout India and the Middle East, particularly affecting UAE expatriate communities who invested heavily in the group’s schemes. Recovery efforts for victims remain contingent upon successful asset auctions conducted by Indian authorities.