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HyderabadEnforcement Directorate (ED) has frozen Rs 50 crore bank balance of leading real estate firm Salarpuria Sattva. diamond gold scam,
The ED found that the real estate company transacted with the scam-hit Heera Group and the money was given to shell firms.
The ED had conducted searches on November 7 on the basis of a group registered under the prevention of ECIR Money laundering Action against Heera Gold Exim, owned by Nohera Sheikh.
The ED had frozen the cash lying in 316 bank accounts.
The ED has also seized cash in the form of Indian currency and foreign currency of several countries, worth about Rs 29 lakh, the value of which is being ascertained.
ED is probing Heera Group for layering and transfer of proceeds of crime.
During investigation of the money trail by the ED, it was revealed that crime proceeds of Rs 41 crore have been layered and transferred to the Bengaluru-based company Nilanchal Technocrats Pvt Ltd, which is part of it. Salarpuria Sattva Group,
Money sent several other shell entities registered at Kolkata, Shillong under the directions of the promoters and directors of Sallarpuria Sattva Group.
Sallarpuria Sattva Group is controlled by its Promoter Director Bijay Kumar Agarwal and its group director Pradeep Dhandhania and Ashwin Sancheti who negotiated a real estate deal for a land parcel in Tolichowki, Hyderabad and directed the proceeds of the crime to be transferred to shell entities.
The ED identified other shell companies during the search. During search it was found that these funds were diverted back to Sallarpuria Sattva group of companies through their group NBFCs registered in Kolkata.
During the search and further interrogation, the Directors of Sallarpuria Group could not explain the business justification of these transactions and the reasons for accumulating proceeds of crime through shell entities in Kolkata and Shillong.
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