HYDERABAD: The Enforcement Directorate (ED) conducted extensive searches at the offices of the Salarpuria Sattva Group and froze assets worth Rs 49.99 crore spread across 316 bank accounts under the Prevention of Money Laundering Act (PMLA), 2002.
The searches were part of an ongoing investigation into the Heera Group gold scam under the PMLA 2002, which laundered money by layering and transferring crime proceeds. Furthermore, the ED seized Rs 29 lakh in Indian currency and foreign currencies from various countries, the value of which is being ascertained. Heera Group is accused of defrauding investors by luring them into gold-saving schemes.
The investigation found that the promoters and directors of Salarpuria Sattva Group instructed multiple shell companies registered in Kolkata and Shillong to layer and transfer illegal proceeds of Rs 41 crore to Bengaluru-based Neelanchal Technocrats Pvt Ltd, which is part of Salarpuria Sattva Group.
“Bijay Kumar Aggarwal, promoter director of Salarpuria Sattva Group, and group directors Pradeep Dhandhania and Ashwin Sancheti negotiated a real estate deal for a land parcel in Tolichowki in Hyderabad, and instructed that the proceeds of crime be transferred to shell entities,” the ED officials said in a statement.
During the investigation, the ED also identified various shell companies involved in layering and transferring illegal proceeds. The ED investigation found that these funds were rerouted back into Salarpuria Sattva Group companies via their group non-banking financial company (NBFC) registered in Kolkata. The Salarpuria Group’s directors were unable to defend or justify these transactions and the reasons for channelling criminal proceeds through shell companies in Kolkata and Shillong, according to the ED.
…
