Bhopal (Madhya Pradesh): The Economic Offences Wing (EOW) in its ongoing probe into the Sahara Group land sale scam, has uncovered major irregularities in the sale of land parcels in Sagar and Gwalior.
The investigation has revealed that the land was sold at throwaway prices, and the sale proceeds never reached the investors.
According to sources familiar with the probe, Sahara Group owned approximately 100 acres of land in Sagar and around 52 acres in Gwalior. The estimated market value of these properties was about Rs 400 crore. However, the company allegedly sold them far below market value.
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. The Sahara officials sold off the land much lower than the market price and allegedly deposited the money into the account belonging to the company.
The agency has written to the district registrars of Sagar and Gwalior, seeking complete records of land owned by the Sahara Group and also the details of sale and purchase transactions. The agency has also identified land owned by Sahara in Vidisha and is in process of collecting related documents and transaction records. On the apex court’s directive, the EOW had registered a case and began its investigation into the financial irregularities.
CCM ignores three notices, agency to move court
The EOW had summoned commercial credit manager Anil Ibrahim to appear before it to record his statement. Despite three notices - the last being served on May 13 - Ibrahim never turned up. Now, the agency has decided to file an application in the special Court urging it to direct the CCM to appear before the authorities
Executive director Pandey summoned
The agency has also issued a notice to executive director S K Pandey. He has been asked to appear before the EOW on May 21, along with relevant documents, to record his statement. This is the first notice issued to Pandey.
