ED raids Sallarpuria Sattva Group under Prevention of Money Laundering Act, freezes assets
Nov 09, 2022
New Delhi [India], November 9 : Directorate of Enforcement (ED) conducted searches under the Prevention of Money Laundering Act (PMLA), 2002 on the Sallarpuria Sattva Group and froze assets in form of bank balances of Rs. 49.99 crore lying in 316 bank accounts, as per an official press release from ED.
ED has also seized cash in the form of Indian currency of 29 lakh approximately and foreign currencies (of multiple countries) for which value is being ascertained.
The searches were conducted in connection with an ongoing investigation under PMLA, 2002 into the money laundering by Heera Group through layering and transferring the crime proceeds.
During the investigation of the money trail by ED, it was revealed that Rs 41 crore of crime proceeds have been layered and transferred to Bengaluru-based company M/s Neelanchal Technocrats Pvt Ltd (part of Sallarpuria Sattva Group) and to multiple other shell entities registered in Kolkata, Shillong under the instructions of Promoters/Directors of Sallarpuria Sattva Group.
According to the Directorate of Enforcement (ED), the Sallarpuria Sattva group is controlled by its Promoter Director Bijay Kumar Aggarwal and its group Directors Pradeep Dhandhania and Ashwin Sancheti negotiated a real estate deal for a land parcel at Tolichowki, Hyderabad and instructed for transferring of crime proceeds to shell entities.
Various other Shell entities were identified during the search, informed the officials.
It was detected during the search that these funds were re-routed back into the Sallarpuria Sattva Group companies through their group NBFC registered in Kolkata.
Upon further questioning during the search, the Directors of Sallarpuria group could not explain the business rationale of these transactions and reasons for layering the proceeds of crime through shell entities of Kolkata and Shillong, as per an official statement.
A Search by ED helped to unearth the crime proceeds transferred through multiple layers and to gather evidence of money laundering.
Further investigation into the case is under progress.
