Enforcement Directorate attaches assets worth Rs 50 crore of Salarpuria Sattva Group

The Enforcement Directorate (ED) conducted a search of the Salarpuria Sattva Group under the Prevention of Money Laundering Act (PMLA), 2002, and froze assets worth Rs 49.99 crore lying across 316 bank accounts.

ED said it has seized cash of about Rs 29 lakh in both Indian and international currency (of multiple countries, the value of which being ascertained).

The searches were carried out as part of an ongoing PMLA investigation into Heera Group's money laundering efforts through layering and transferring the illegal proceeds.

The investigation found Rs 41 crore in illegal proceeds having been layered and transferred to Bengaluru-based company Neelanchal Technocrats Pvt Ltd, a part of Salarpuria Sattva Group, and multiple other agencies registered in Kolkata and Shillong, under instructions of the promoters and directors of the real estate company.

"Salarpuria Sattva Group’s Promoter Director Bijay Kumar Aggarwal and Group Directors Pradeep Dhandhania and Ashwin Sancheti negotiated a real estate deal for a land parcel at Tolichowki, Hyderabad, and instructed that the proceeds of crime be transferred to shell entities," ED said in a statement.

The search further revealed that these funds were rerouted back into the Salarpuria Sattva Group companies through their group non-banking financial company (NBFC) registered in Kolkata.

The directors of Salarpuria Group could not justify these transactions and reasons for layering the proceeds of crime through shell entities of Kolkata and Shillong, ED added.

An official spokesperson from the Salarpuria Sattva Group told Moneycontrol, "A few officials from the Directorate of Enforcement visited our corporate office. We have fully co-operated with them and provided the necessary information sought by them."