The Economic Offences Wing (EOW) is investigating the sale of Sahara Group land worth about ₹72.82 crore, amid allegations that the proceeds were not deposited into the SEBI-Sahara Refund Account as required. The probe is examining transactions involving land in Katni, Jabalpur, and Gwalior, along with the role of people allegedly associated with the sale process.
The Case Behind the Investigation
According to the report, the EOW registered an FIR following a complaint connected with these land transactions. The case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita, including Section 420 of the IPC and Section 120-B relating to criminal conspiracy. Investigators are examining whether land belonging to Sahara Group companies was sold, and whether the proceeds were diverted instead of being deposited into the designated refund account, as required.
310 Acres of Land Under Scrutiny
The investigation centres on the alleged sale of around 310 acres of land, with the report stating that Sahara Group properties in Bhopal, Katni, and Jabalpur were among the assets under scrutiny. According to the EOW, the total value of the land transactions under investigation is ₹72,82,26,728. The agency is examining allegations that properties linked to Sahara Refund Account requirements were sold through different entities and individuals.
The report also refers to allegations involving around ₹10.29 crore in transactions connected with land in Katni, Jabalpur, and Gwalior. The investigation has further examined land that Sahara had purchased in Bhopal around 2014, with approximately 125 acres of that land, valued at about ₹47.73 crore, reportedly sold in 2025.
The EOW is probing allegations that the ₹47.73 crore received from this particular transaction was not deposited into the SEBI-Sahara Refund Account. Investigators are examining exactly where these proceeds went, and whether the transaction violated the requirements governing these properties.
Nearly 100 More Acres Also Under Investigation
Another part of the investigation concerns around 99.76 acres of Sahara land valued at approximately ₹14.79 crore. The report states that this land was allegedly sold without depositing the proceeds into the SEBI-Sahara Refund Account.
The EOW is examining the role of people involved in these transactions and the manner in which the land was transferred, with the investigation also covering allegations that properties were sold through arrangements involving different entities and individuals.
What the Supreme Court Had Permitted
The report refers to a Supreme Court order dated March 5, 2025, in connection with the handling of Sahara properties. It states that Sahara Group was permitted to sell certain properties, with the proceeds required to be deposited into the SEBI-Sahara Refund Account. The investigation, therefore, isn't focused merely on whether the properties were sold, but specifically on whether the money generated from those sales actually reached the designated account as mandated.
The EOW is also examining allegations concerning the appointment and role of people associated with Sahara Group companies in these land transactions.
Where Did the Sale Proceeds Actually Go?
A central question before investigators is the alleged diversion of money generated through the sale of Sahara properties. According to the report, approximately ₹62.52 crore from the sale of properties was required to be deposited into the SEBI-Sahara Refund Account. The EOW is investigating allegations that this amount was instead transferred through other accounts entirely.
Investigators are now examining auditing services in India-style financial records and the complete chain of transactions to determine exactly how the sale proceeds were handled, and who ultimately benefited from them. The report states that the overall value of the land transactions under investigation is around ₹72.82 crore. The EOW has registered this case as part of its broader investigation into these alleged land transactions, and the matter remains under active investigation.
FAQs
Q1. What is the EOW investigating regarding Sahara Group's land sales?
The EOW is investigating whether proceeds from the sale of Sahara Group land worth ₹72.82 crore were deposited into the SEBI-Sahara Refund Account, as required, or diverted through other accounts.
Q2. What did the Supreme Court's March 2025 order permit?
The Supreme Court permitted Sahara Group to sell certain properties, with the condition that proceeds from these sales be deposited into the SEBI-Sahara Refund Account.
Q3. How much money is alleged to have been diverted from the required refund account?
According to the report, approximately ₹62.52 crore from the sale of properties was required to be deposited into the SEBI-Sahara Refund Account, with allegations that this amount was instead transferred through other accounts.