Money laundering case: ED probes 4500 bank accounts of Sahara group

The latest development in the money laundering case against Sahara group is that Vandana Bhargava, director of Sahara group of companies was interrogated for eight hours by Enforcement Directorate (ED) team in Mumbai zonal office and her crucial statement was recorded, a week back.

In 2014, ED has registered a money laundering case against Sahara Group under PMLA Act, in connection with non-payment of crores of rupees to depositors as probed by capital markets regulator SEBI.

While talking to India Today, the source from the agency said that "around 1/8th (Rs 3600 crore) money of the total suspected amount (Rs 17000 crore) has been laundered to US and UK. This amount could go up as the investigation is still under progress."

The ED alleges that the funds utilised to acquire the hotel in UK, originated from the Sahara India Real Estate Corp. Ltd. and the Sahara Housing Investment Corp. Ltd., from where it made way to Sahara India Commercial Corporation Limited (SICCL) for it to acquire land and undertake project developments.

A week back, the ED team has recorded crucial statement of Vandana Bhargava - one of the directors of Sahara group. She was questioned for eight hours in Mumbai ED office. She was told to submit some crucial data related to the Sahara group.

Bhargava statement surprised the ED officials. In her statement, Bhargava kept on saying that she was not directly involved in this money laundering case. "I was an employee of Sahara group, therefore, I was made to become director of these companies. It was not by my choice," the ED official confirmed India Today.

Bhargava also informed the ED officials that nowadays, she is no more associated with the Sahara group. India Today checked with Sahara officials and found that it was incorrect. "She is very much part of Sahara group, and in fact, few days back she had attended crucial internal meetings in the group," one Sahara official said.

After recording her statement, Bhargava was supposed to submit some crucial data/documents related to the case, which she did. Bhargava has given data of around 4500 plus bank accounts of Sahara India group.

The ED official confirmed, "These 4500 plus bank accounts belongs to Sahara group, spread across in various cities of India. We are in the process of examination of these bank accounts to check the amount deposited and transacted, where the money has gone and how much, in which periods the transactions took place and who was the signing authority."

The data of these bank accounts are so voluminous that the agency is planning to rope in third parties for these examination.

Sahara group declined to reply the set of queries asked by India Today, giving "some legal complications" reason. But the sources close to the development confirmed and said, "the management of Sahara group is quite aware about these submissions of bank accounts to the ED officials. It was only after our permission, these 4500 plus bank accounts details were shared."

Meanwhile, the ED officials are working out legal strategies to interrogate another director - Ravishankar Dubey and Sahara chief, Subrata Roy in the Tihar jail - in the days to come.

At the same time, the ED team is also planning to attach the UK and US properties, by sending required communications to both countries.

Sahara group is currently in the process of selling out these properties to arrange the financial bail out package for Sahara chief.

"If we could attach these properties before it get sold than well and good, but even if we fail to do it before than also we would adjust it against the bail-out package in Supreme Court," the ED official said.

Interestingly, the two Sahara companies -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), which were charged by SEBI for raising over Rs 25,000 crore through "various illegalities" and were asked to refund that money, do not have Subrata Roy as well as his family members as directors.

Subrata Roy, as also Ashok Roy Choudhary and Ravishankar Dubey (directors of SIRECL and SHICL), are currently in jail in connection with the refund case. The SC has exempted Vandana Bhargava from being jailed.

Earlier, the agency had issued showcause notices to Sahara India companies and its chief Subrata Roy, seeking explanations for the alleged violations committed under the Foreign Exchange Management Act (FEMA) while transferring money out of India for the purchase of Grosvenor House Hotel from the Royal Bank of Scotland.

The agency's probe, under Foreign Exchange Management Act (FEMA), has charged Sahara for not taking the legal route of obtaining the RBI clearance for transfer of funds to the tune of over Rs 3,600 crore in striking this deal.

However, while talking to India Today, the sources from the Sahara group maintained that "no rules has been violated and no money laundering has been done by the group companies. All transactions were transparent and in open."