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The Economic Offences Wing (EOW) in Bhopal has initiated a Preliminary Enquiry (PE) to investigate alleged irregularities in Sahara Group's land sales. The enquiry focuses on violations of Supreme Court directives that required proceeds from land sales to be deposited in a SEBI-Sahara refund account for investor reimbursement. Instead, the funds were allegedly diverted into accounts belonging to Sahara entities and private shell companies. The probe targets officials from Sahara Housing Corporation Investment Group, authorised sellers, and revenue officers, raising questions about the internal misuse of funds.
The Economic Offences Wing (EOW) in Bhopal has launched a Preliminary Enquiry (PE) to examine alleged irregularities in the land sales conducted by the Sahara Group. According to a release, the enquiry has been filed against officials of Sahara Housing Corporation Investment Group, several authorised companies involved in the sales, and concerned revenue officers. Advertisement
As per the release, Sahara India Real Estate Corporation Limited and Sahara Housing Corporation Investment Group had acquired land in multiple cities through funds raised from investors, intending to develop Sahara City projects. In 2014, the Supreme Court allowed the Sahara Group to sell its properties to repay investors. However, the court stipulated that all sale proceeds must be directly deposited by buyers into the SEBI-Sahara refund bank account held at the Bank of India, Bandra Branch, Mumbai.
In compliance with the court's instructions, the Sahara Group sold approximately 310 acres of land across three locations. This included 110 acres in Maksi, Bhopal, sold to M/S Synap Real Estate Private Limited for INR 48 crore; 100 acres in Jabalpur, sold to M/S Naisa Devbuild Private Limited for INR 20 crore; and another 100 acres in Katni, sold to M/S Naisa Devbuild Private Limited for INR 20 crore. The total sale amounted to INR 90 crore. However, the Bhopal land alone had been valued at INR 125 crore during a Supreme Court evaluation in 2014, raising concerns over the significant undervaluation of assets.
The release stated that instead of depositing the sale proceeds into the SEBI account as mandated, Sahara Group allegedly redirected the funds into the accounts of Sahara India Real Estate Limited, Sahara Housing Investment Corporation, and certain private shell companies. This action reportedly violated the Supreme Court's directive, leading to the EOW's decision to file the PE.
The enquiry targets officials from Sahara Housing Corporation Investment Group, authorised sellers involved in the transactions, and revenue officers. The allegations suggest that the funds were misappropriated internally rather than being used for investor refunds, as ordered by the court.
The EOW's investigation into the Sahara Group highlights serious allegations of financial misconduct, including the undervaluation of land and the diversion of funds. The alleged non-compliance with Supreme Court orders raises questions about the accountability of the entities and officials involved. This case serves as a critical reminder of the importance of maintaining transparency and adhering to judicial directives, especially when public investments are at stake.
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