GWALIOR: Sahara Group land attached for failing to return money of its investors

Gwalior: Some 312 bigha land of the Sahara group has been attached in Gwalior city of Madhya Pradesh for failing to return the money of its investors. The value of this land is estimated to be nearly Rs 30 crore.

Gwalior Collector and District Magistrate Kaushlendra Vikram Singh has issued an order to this effect under the Madhya Pradesh Protection of Investors Interest Act.

Besides, instructions have also been given to Nodal Officer Chit Fund to auction the attached property and submit the case to the District and Sessions Court as well as the Special Court to get this order confirmed.

The investors had complained to the district administration. An investigation into these complaints revealed that funds were raised by the Sahara company from the public without the permission and registration of the Reserve Bank of India (RBI) and the investors' money was not being returned even after maturity.

Additional District Magistrate and Chit Fund Nodal Officer TN Singh said different companies and cooperative societies are being operated by the Sahara Group under different names, which mainly includes Sahara India Commercial Corporation Limited, Sahara Credit Cooperative Society Limited, Sahara Q Shop Unique Products Range Ltd., Sahara Stars Multipurpose Cooperative Society Limited and Elite Estate and Finance Pvt. Ltd.

Singh said that after preliminary investigation into the complaints received from the depositors, it has been found that the funds received from the investors by Sahara Group have been taken in the name of various companies and by partnership ('partnership deed') by not buying properties in the name of Sahara.

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