In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Indian AML watchdog Directorate of Enforcement (ED) searched the Sallarpuria Sattva Group and froze assets in the form of bank balances of Rs. 49.99 Crore that was located in 316 bank accounts. Additionally, the ED has seized cash in the form of roughly 29 lakh rupees in Indian currency as well as several foreign currencies, the worth of which is still being determined.
The Searches were carried out in connection with an ongoing PMLA, 2002 investigation into Heera Group’s money laundering by layering and transferring the profits of crime. The Sallarpuria Sattva Group’s promoters and directors authorised the transfer of Rs 41 Crore in crime proceeds to M/s Neelanchal Technocrats Pvt Ltd in Bengaluru as well as numerous other shell companies registered in Shillong and Kolkata. This information came to light during the ED’s investigation of the money trail.
Bijay Kumar Aggarwal, the promoter director of the Sallarpuria Sattva group, along with its group directors Pradeep Dhandhania and Ashwin Sancheti, negotiated a real estate deal for a land parcel in Tolichowki, Hyderabad, and gave instructions for the transfer of criminal proceeds to front companies.
Bijay Kumar Aggarwal, the promoter director of the Sallarpuria Sattva group, along with its group directors Pradeep Dhandhania and Ashwin Sancheti, negotiated a real estate deal for a land parcel in Tolichowki, Hyderabad, and gave instructions for the transfer of criminal proceeds to front companies.
During the search, several other Shell organisations were located. During the search, it was discovered that this money was returned to the Sallarpuria Sattva Group entities via an affiliated NBFC that was incorporated in Kolkata. The Sallarpuria Group Directors were questioned further during the Search, but they were unable to explain the commercial justification for these transactions or the motives behind stacking the profits of crime through front companies in Shillong and Kolkata.
The profits of crime were discovered to have been laundered via several levels found in a search by the ED. The matter is still being investigated further.
