New Delhi: Serious Fraud Investigation Office on Friday asked the Supreme Court for hearing urging to its appeal of the Delhi High Court order postponing the probe to the alleged collection of Rs 50,000 Crore from investors by the other three, and the involvement of group entities in the round of tripping and sucking public money.
Appearing for SFIO, Lawyer General Tushar Mehta asked the Chairman of the Ramana NV Judge that even though SC in a recent order said that the SFIO investigation was sustainable and would shed beyond the three-month provisions based on the solution to the probe, HC mistakenly relied on the same action to stop Probe into nine Sahara entities that occurred since November 2018 and with deadlines completed on March 31 this year.
Cji said he would look at the newspaper and assign a date to hear.
In a special leave petition against the temporary order of HC on December 13, SFIO said the company’s applicants had received a large number of complaints from investors on non-payment of their investment results even after due.
ROC, Mumbai, asked the complaints and in the August 14 2018 report recommended to the Government Government to start an investigation into the Sahara Q Shop Affairs of the unique product range ltd, Sahara Q Gold Mart Ltd.
and Sahara Housing Investment Corporation.
On October 31, 2018, the Ministry of Affairs of the Company has assigned the probe to SFIO, which during the investigation found that Sahara India Commercial Corporation Ltd., Sahara India Financial Corporation Ltd.
and Sahara India Real Estate Corporation Ltd has collected Rs 14,100 Crores, Rs 17,500.
Crore, and Rs 19,400 Crore from the public with a guise of a different scheme that promises a higher return to investors.
“But, investors do not pay the amount of due and forced to change their deposits into other groups / company entity schemes,” he said and allegations that other than six, three other group companies – Qing Aamby City Developers Corporation Ltd and Sahara Prime City Ltd.
– Also involved in fraud.
SFIO said all nine companies were interwoven and investigations revealed investment / progress between large companies.
On October 27, 2020, six other companies involved in alleged fraud were also placed under the SFIO probe by the Ministry of Company Affairs.
SFIO said, “There is a large fund movement to and from these nine companies from and to promoters / directors and to other entities of the Sahara Group, which allegedly sucked up / transferring public money.” It was said that HC was wrong with the operation of two orders – October 31, 2018 and October 27, 2020 – for the SFIO probe to nine Sahara Group companies for the wrong application of Part 212 (3) of the laws mandated for probes within three months.
SFIO quoted the Assessment of the 2019 Supreme Court in the case of Herul Modi to fight the HC temporary resolving order and said that the Ministry had extended the timeline for the settlement of probes until March 31, 2022.