In 2012 and 2014, the Supreme Court had directed Sahara Group to sell its assets to repay investors’ money, which had been collected from the public under various investment schemes. Following delays and irregularities in repayment, the Securities and Exchange Board of India (SEBI) issued an order in 2012, mandating the refund of all investor funds.That same year, the apex court ordered the group to sell its immovable properties and deposit the proceeds directly into the SEBI-Sahara Refund Account.In June 2014, the Supreme Court further clarified that the properties must not be sold below the central valuation rate and that buyers should not be related to the Sahara Group.Despite these clear directions, Sahara Group allegedly continued to sell immovable properties without following due process. In 2016, the apex court reiterated that properties must not be sold at less than 90% of the relevant sector’s circular rate, and that entire sale proceeds (after deducting TDS and applicable taxes) must be deposited in the SEBI-Sahara Refund Account.According to informed sources, of the over 500 acres of land sold across the five districts, approximately 310 acres were sold to companies allegedly linked to family members of an influential mining baron-turned-politician from north-eastern Madhya Pradesh.Additionally, about 100 acres were reportedly sold to a close aide of another influential politician from the Bundelkhand region.While the market value of the 500-plus acres of land is estimated at around ₹1,000 crore, the properties were sold for just over ₹120 crore. Of the proceeds, more than ₹72 crore was allegedly transferred to various Sahara Group subsidiary accounts, instead of the SEBI-Sahara Refund Account, suggesting a lack of intention to repay investors.
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