New Delhi: A team of officers from the Serious Fraud Investigation Office (SFIO) has conducted searches on the premises of Sahara group at Lucknow in connection with an ongoing investigation against the business house. The investigation of three companies of Sahara was initially assigned to SFIO; Sahara Q Shop Unique Products Range Limited (SQSUPRL), Sahara Gold Mart Ltd (SQGML) and Sahara Housing Investment Corporation Ltd (SHICL).
Probe into six additional companies was further sought by SFIO and the Ministry of Corporate Affairs granted the approval. According to sources the investigation has revealed Sahara group collected thousands of crores of money from the public.
It is reported that money was collected as an advance against future supply of goods/supply of gold, from 2012 onwards. Money from the general public was also collected in the name of optionally fully convertible debentures (OFCD) from 2009-12.
According to informed sources the investigation has further revealed that money collected by the group were diverted to other group companies. There are huge inter-company investments/advances as indicated by the financial statements of these companies and the activities of the various group companies are intertwined.
