MP: EOW registers preliminary enquiry to probe irregularities in Sahara group's land sale

Bhopal (Madhya Pradesh) [India], January 23 (ANI): Economic Offences Wing (EOW) Bhopal unit registered a Preliminary Enquiry (PE) to probe the alleged irregularities in Sahara Group's land sale, a release said.
The PE has been registered against officials of Sahara Housing Corporation Investment Group, various companies authorised by the Sahara Group for land sale, the concerned revenue officers and others.
According to the release, Sahara India Real Estate Corporation Limited and Sahara Housing Corporation Investment Group had purchased land in various cities by raising funds from investors with the objective of building Sahara City.
"During 2014, the Supreme Court had given permission to the Sahara Group to sell the company's property to return the money of the investors. The apex court had granted permission to sell on a condition that the amount received from the sale will be deposited by the buyer directly in SEBI-Sahara Refund bank account of Bank of India, Bandra Branch, Mumbai," the release said.
In compliance of the top court's directives, Sahara Group sold around 110 acres of land situated in Maksi, Bhopal to M/S Synap Real Estate Private Limited for Rs 48 crores, similarly, around 100 acres of land in Jabalpur for Rs 20 crores to M/S Naisa Devbuild Private Limited and around 100 acres of land in Katni for Rs 20 crores to M/S Naisa Devbuild Private Limited.
"Sahara Group sold approximately 310 acres of land for around Rs 90 crores. Nonetheless, Sahara Group had earlier valued the Bhopal land alone at Rs 125 crores itself after an evaluation conducted before the Supreme Court in 2014," stated the release.
According to the release, despite the Supreme Court's order to deposit the amount received from the sale of land in Bhopal in SEBI's account, Sahara Group allegedly violated the order and deposited the amount in the accounts of Sahara India Real Estate Limited, Sahara Housing Investment Corporation and private shell companies.
Following this, the EOW Bhopal unit registered a Preliminary Enquiry against the above-mentioned authorities in violation of the Supreme Court's orders and the improper use of the funds internally.
"A Preliminary Enquiry has been registered against the officers/employees of Sahara Housing Corporation Investment Group, various selling companies authorized by the Sahara Group for sale, the concerned revenue officers and others for not depositing the sale amount in the account of SEBI (for the benefit of investors) as per the directives of the Apex Court and using it internally," the release stated. (ANI)