The inspection by ED is considered part of an ongoing investigation closed under the Prevention of Money Laundering Act, in relation to the Heera Group money scam case.
Recognized real estate company Salarpuria Sattva Group has been raided by the Law Enforcement Directorate under the Prevention of Money Laundering Act (PMLA), 2002, which led to the freezing of their assets worth Rs 49.99 crore spread over 316 bank accounts. According to the lead agency, these funds were transferred to the property company through their Non-Banking Financial Company (NBFC) registered in Kolkata.
According to the sources of the Law Enforcement Branch, there were transactions between the real estate company and the scammer Heera Groupand bogus companies were used to cover associated funds.
November 7, 2022– Based on the ECIR reserved under the Prevention of Money Laundering Act (PMLA) against Heera Gold Exim owned by Nohera Sheik, Enforcement Management executed the searches.
The Law Enforcement Directorate also confiscated a massive sum of around INR 29 lakh in cash and global currencies from several countries, the value of which has not yet been determined in INR.
The specifics of the survey.
Neelanchal Technocrats Private Limited, part of the Salarpuria Sattva group, was used to conceal and transfer a whopping sum of INR 41 crore in criminal profits, the supreme agency learns throughout its investigation.
The flow of illegal money does not stop there. To transfer the money, other shell companies registered in Shillong and Kolkata were used. Under the direction of the promoters and directors of the Sallarpuria Sattva group, these two companies are used to hide money.
There is an incident of negotiating a real estate deal on behalf of a plot of land in Tolichowki, Hyderabad, as per the instructions issued by Bijay Kumar Aggarwal (Developer Director of Sattva Group), Pradeep Dhandhania and Ashwin Sancheti (the Directors of band) . Law Enforcement Directorate officials said the purpose of the deal was to transfer illegal funds to bogus companies.
This illegal money was planned and executed to be redirected to Sattva Group accounts through channels such as their non-banking financial company incorporated in Kolkata.
According to the Law Enforcement Directorate, the directors of the Sattva Group have been unable to explain and justify these illegal transactions to funnel criminal gains through shell companies established in Kolkata and Shillong.
The corresponding scam.
The Heera group was under scanner by the Law Enforcement Branch for alleged superimposition and transfer of the crime. Furthermore, the Heera Group is previously accused of defrauding investors in the name of enticing plans to save gold. The Heera company has 430 marketers working in 74 branches across the country 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 have filed claims against the group, with a claim of INR 317 crore. The total number of depositors is expected to be 1.72 lakh. Nohera Sheik, the promoter of the Heera Group, is believed to be the mastermind behind a gold Ponzi scheme that has fooled investors in Telangana, Andhra Pradesh, Maharashtra, Karnataka and Kerala.
Such is the audacity of the promoter that Sheik has openly stated that investors who want their money back must also be prepared to take losses since they had promised to share both profits and losses. Heera Group has been accused of possessing INR 5,000 crore to over 1.72 lakh customers nationwide.
The Heera Group presented itself as an international company that cooperates with investors and companies from all over the world. According to client records, an investment of 1 lakh can generate a monthly income of INR 3,000.
However, the last time investors received dividends from such a halal ponzi scam, under Heera Group, was in June 2018. The scandal, according to the leading agency, is worth around INR 3000 crore.
Execution Directorate the investigative effort helped uncover illegal criminal proceeds being transported through many layers, as well as gathering evidence of money laundering. The case is currently under further investigation.
About the organization.
The Sattva Group is widely regarded as one of the country’s leading real estate development, management and consultancy companies. Since its inception in 1986, the company has been a pioneering brand in the early development environment of Bengaluru, creating the landscape of the city since the mid-1980s. The company has many aspects to its credit including computer parks, commercial, residential, hospitality and retail properties.
The key message of the hoax.
Every day, lawsuits are filed by the Law Enforcement Branch against real estate businesses regarding illegal money laundering; and then the assets are frozen from the deeply buried ground! Is real estate a gateway through which political parties and mega-corporations pour their money underground? Will there ever be a day when the cracks in the system are closed and public funds are used for the growth of the country rather than the expansion of individual luxuries? We hope for this new beginning.
Edited by Prakriti Arora