BHOPAL: The Economic Offences Wing (EOW) of Madhya Pradesh has initiated a preliminary enquiry (PE) into allegations against Sahara India Group companies for selling land in the state at prices far below market value and failing to deposit the proceeds into the designated SEBI-Sahara Refund Account to repay investors.The allegations centre around the sale of three large land parcels—110 acres in Maksi (Bhopal), 110 acres in Jabalpur, and around 100 acres in Katni. The total land area of 310 acres is reportedly valued at over Rs 500 crore in the current market. These properties were originally purchased by Sahara India Real Estate Corporation Limited and Sahara Housing Corporation Investment to develop Sahara Cities using investors’ funds.In 2014, the Sahara Group was permitted by the Supreme Court and the Security Exchange Board of India (SEBI) to sell its assets to repay investors. The proceeds from the sale of the Group’s properties (including lands purchased in the past to develop Sahara Cities) were to be deposited into the SEBI-Sahara Refund Account (Bank of India, Bandra-Mumbai) and the apex court had also set a limit of a minimum of 90% of the sale proceeds to be used for investor repayment.However, according to Ashutosh Dixit (who is the complainant in the matter on the basis of which the EOW has initiated the PE), the three large tracts of land in the three cities of Madhya Pradesh were sold by the Sahara Group companies for just around Rs 90 crore even when the current market value of the concerned lands was much more than Rs 500 crores.In 2014, the 110-acre plot in Maksi alone was valued at Rs 125 crore, as per documents submitted to the Supreme Court. The lands were reportedly sold to companies linked to ruling BJP MLA and former minister Sanjay Pathak and his family.In violation of the apex court and SEBI directionst, the proceeds of the distress sale of t lands, were deposited in the accounts of Sahara India Real Estate Limited, Sahara Housing Investment Corporation and private shell companies.The PE initiated into the complaint by Ashutosh Dixit, will focus on Sahara India Real Estate Corporation, employees of Sahara Housing Corporation Investment Group and the companies involved in the land sales, as well as relevant revenue officers.
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