Salarpuria sattva group’s assets have been frozen by the Enforcement Directorate.

HYDERABAD: The Enforcement Directorate (ED) has frozen the bank accounts of Salarpuria Sattva, a prominent real estate firm, in connection with the Heera gold scam.
The ED discovered that the real estate company transacted with the scam-hit Heera Group, and money was routed to shel firms.

On November 7, the ED conducted searches on the group based on an ECIR filed under the Prevention of Money Laundering Act against Nowhera Sheik-owned Heera Gold Exim. The ED had frozen funds in 316 bank accounts. The ED has also seized cash in the amount of Rs 29 lakhs in Indian currency and foreign currencies from various countries, the value of which is unknown.

Heera Group is being investigated by the ED for allegedly layering and transferring criminal proceeds.
During its investigation of the money trail, the ED discovered Rs 41 Crore in Crime Proceeds had been layered and transferred to the Bengaluru-based company Neelanchal Technocrats Private Limited, a subsidiary of the Salarpuria Sattva Group.

On the instructions of the Sallarpuria Sattva Group’s Promoters and Directors, money was also sent to a number of other shell entities registered in Kolkata and Shillong. Sallarpuria Sattva Group is controlled by its Promoter Director Bijay Kumar Aggarwal and group Directors Pradeep Dhandhania and Ashwin Sancheti, who negotiated a real estate deal for a land parcel in Tolichowki, Hyderabad, and directed the transfer of criminal proceeds to shell entities.

ED discovered additional shell companies during his search. During the investigation, it was discovered that these funds were re-routed back into the Sallarpuria Sattva Group companies via their group NBFC registered in Kolkata.
During the Search, the Directors of the Sallarpuria Group were unable to explain the business rationale of these transactions or the reasons for layering the proceeds of crime through shell entities in Kolkata and Shillong.