The Enforcement Directorate has provisionally attached land assets valued at over ₹1,500 crore belonging to Sahara Prime City Limited, a Sahara Group entity, as part of an ongoing money laundering investigation. The attached properties span 1,023 acres across 16 cities and have been seized under the Prevention of Money Laundering Act .
This action is part of a broader effort to recover funds from the Sahara Group, which has been under scrutiny since 2012 when the Supreme Court directed its companies—Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd —to refund money collected from investors through optionally fully convertible debentures. The court mandated that the group repay the funds with 15% annual interest, amounting to over ₹25,000 crore.
Despite the court’s directive, the Sahara Group has struggled to comply fully. As of September 2024, the Supreme Court noted that only around ₹15,000 crore had been deposited into the SEBI-Sahara refund account. The court emphasized that there is no embargo on the group selling its properties to meet the repayment obligations, provided the sales are conducted at or above the circle rates, or with prior court approval if sold below those rates.
In a related development, the Economic Offences Wing of Madhya Pradesh initiated a preliminary enquiry into allegations that Sahara Group companies sold land parcels in the state at prices significantly below market value. Specifically, 310 acres of land in Bhopal, Jabalpur, and Katni, valued at over ₹500 crore, were reportedly sold for just ₹90 crore. These transactions allegedly violated Supreme Court and SEBI directives, as the proceeds were not deposited into the designated refund account but were instead funneled into accounts of Sahara entities and associated shell companies.
The EOW’s enquiry focuses on the roles of Sahara India Real Estate Corporation, Sahara Housing Investment Corporation, and various revenue officers involved in the land sales. Notably, a BJP MLA from Madhya Pradesh has come under scrutiny for allegedly purchasing these undervalued land parcels through companies linked to his family.
SEBI has also been actively involved in recovering funds from the Sahara Group. The regulator has lined up multiple e-auctions of Sahara’s land assets across the country. In one instance, SEBI added 16 land parcels to an auction list with a reserve price exceeding ₹650 crore. These auctions are part of a broader strategy to liquidate Sahara’s assets to repay investors.
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