Bhopal (Madhya Pradesh): A week after the Economic Offences Wing (EOW) team landed at Lucknow headquarters of the Sahara Group of companies following their senior officials repeatedly ignoring summons, the group’s Executive Director finally appeared before the agency in Bhopal on Wednesday to record his statement regarding a land deal.
Anil Ibrahim, Executive Director (Corporate Credit Department) of Sahara, was questioned by EOW officials for more than four hours. The questioning was in connection with sale of 312 acres of land belonging to Sahara Real Estate in Bhopal, Jabalpur, and Katni.
According to EOW officials, Ibrahim shared important information regarding sale of land parcels at prices much lower than the market rate. The company had allegedly sold the land valued at Rs 800 crore in the open market for just Rs 90 crore.
Despite earlier summons, Ibrahim had failed to appear before the agency, while only lower-ranking Sahara officials had complied and recorded their statements. Now, the EOW has also summoned three other Sahara Group officials, directing them to appear before the agency in Bhopal on Monday, officials said.
Last week’s EOW searches at Sahara’s Lucknow headquarters had taken the company by surprise. Senior officials reportedly evaded the team. The EOW had firmly instructed Sahara representatives to comply with the summons and bring all relevant documents related to land sales.
As per the investigation, the Sahara Group sold land parcels at prices much lower than the market rate, and the proceeds were allegedly deposited into accounts belonging to the company.The company also violated the Supreme Court directives of depositing the proceeds from Sahara land assets sale in the joint Sahara-SEBI Refund Account in Mumbai.
