Enforcement Directorate (ED) has freezed Sallarpuria Sattva Group’s ₹49.99 crore lying in 316 bank accounts after conducting searches at the prominent real estate companies’ premises under Prevention of Money Laundering Act (PMLA) in the Hera Gold scam. On top of it, the sleuths have also seized ₹29 lakh in cash and foreign currencies of multiple countries, and their value is being ascertained, said the ED.

The searches, said the ED, have helped to unearth the crime proceeds transferred through multiple layers and to gather evidences of money laundering.

During the investigation of money trail by ED, it was revealed that ₹41 crore was transferred to Bengaluru-based company, M/s Neelanchal Technocrats Pvt Ltd, which is a part of Sallarpuria Sattva Group, and to multiple other shell entities registered in Kolkata and Shillong. It was done under the instructions of promoters/directors of Sallarpuria Sattva Group, the agency insisted.

The Group is controlled by its Promoter Director Bijay Kumar Aggarwal and Directors Pradeep Dhandhania and Ashwin Sancheti negotiated real estate deal for a land parcel at Tolichowki, Hyderabad.

Various other shell entities were identified during the search. The ED found that these funds were re-routed back into the Sallarpuria Sattva Group’s companies through their group NBFC registered in Kolkata. On questioning, the group’s directors could not explain the business rationale of these transactions and the reasons for layering the proceeds of crime through shell entities of Kolkata and Shillong.

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