The inspection by ED is viewed as part of an ongoing investigation categorized under the Prevention of Money Laundering Act, in connection with Heera Group’s Money scam case.
Recognized Real Estate firm Salarpuria Sattva Group was subjected to a search by The Enforcement Directorate under the Prevention of Money Laundering Act (PMLA), 2002, which resulted in the freeze of their assets worth Rs 49.99 crore scattered across 316 bank accounts. As per the top agency, these funds were passaged into the real estate company through their group non-banking financial company (NBFC) registered in Kolkata.
As per Enforcement Directorate sources, there is an occurrence of transactions between the real estate firm and the scam-hit Heera group, and fake firms have been used to cover the associated funds.
November 7, 2022– Based on the ECIR booked under the Prevention of Money Laundering Act(PMLA) against Nowhera Sheik-owned Heera Gold Exim, The Enforcement Directorate executed the searches.
The Enforcement Directorate has also confiscated a massive sum of approximately INR 29 lakh in cash and global currencies from multiple countries, the worth of which has not yet been determined in INR.
The specifics of the Investigation.
Neelanchal Technocrats Private Limited, which is a part of Salarpuria Sattva Group, was utilized to conceal and transfer a sizable sum of INR 41 crore in criminal profits, the supreme agency learns throughout its probe.
The flow of illegal money doesn’t end here. To transfer the money, other fictitious businesses with registrations in Shillong and Kolkata were utilized. Under the direction of the Sallarpuria Sattva Group’s Promoters and Directors, both of these businesses are utilized to conceal money.
There is an incident of negotiating a real estate deal in the name of a land parcel in Tolichowki, Hyderabad, as per the directions issued by Bijay Kumar Aggarwal (promoter director of Sattva Group), Pradeep Dhandhania, and Ashwin Sancheti (the group directors). The Enforcement Directorate officials stated that the focus of this agreement is the transfer of unlawful funds to fake enterprises.
This illegal money was planned and performed to be rerouted to Sattva Group’s accounts via channels such as their Non-banking financial firm incorporated in Kolkata.
According to the Enforcement Directorate, the directors of Sattva Group were unable to explain and justify these illegal transactions for channeling criminal gains through fictitious businesses created in Kolkata and Shillong.
The corresponding scam.
The Heera Group was under scanner by Enforcement Directorate for alleged layering and transfer of the crime. Furthermore, the Heera Group is previously accused of defrauding investors in the name of tempting gold-saving schemes. The Heera company has 430 marketing agents working in 74 branches around the nation to accumulate deposits from investors.
According to the list of depositors given by the Serious Fraud Investigation Office, SFIO on April 12, there are only 6023 depositors who filed claims against the group, with a claim of INR 317 crore. The total number of depositors is expected to be 1.72 lakh. Nowhera Sheik, the promoter of Heera Group, is thought to be the mastermind behind a gold Ponzi scheme that has duped investors across Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Kerala.
The promoter’s audacity is such that Sheik openly declared that investors who want their money back must be willing to endure losses as well since they had promised to share both profit and loss. The Heera Group was accused of owning INR 5000 crore to over 1.72 lakh clients throughout the country.
The Heera group has marketed itself as an international corporation that collaborates with investors and companies all around the globe. According to customer records, a 1 lakh investment may yield a monthly income of INR 3000.
However, the last time investors got dividends from such a halal ponzi scam, under Heera Group, was in June 2018. The scandal, according to the top agency, is worth around INR 3000 crore.
Enforcement Directorate’s investigative endeavor assisted in the uncovering of illegal criminal proceeds transported via numerous levels, as well as the gathering of evidence of money laundering. The case is currently being investigated further.
About the organization.
Sattva Group is widely regarded as one of the country’s premier property development, management, and consulting firms. Since its inception in 1986, the business has been a pioneering brand in Bengaluru’s early development environment, creating the city’s landscape since the mid-80s. The firm has numerous aspects under its belt which include IT parks, commercial, residential, hospitality, and retail properties.
The key message of the hoax.
Every day, there are lawsuits by Enforcement Directorate dragging on real estate businesses regarding illegal money laundering; and then the assets are frozen from the deeply buried ground! Is real estate a gateway via which political parties and mega-businesses pour their undeclared money? Will there ever be a day when the system’s loopholes are closed and public funds are used for the growth of the country rather than the expansion of individual luxuries? Let’s hope for that new beginning.
Edited by Prakriti Arora
