ED moves SC for attaching Sahara Group`s major foreign assets worth over Rs 3697 crore

There is fresh trouble for Sahara Group Chairman, as ED has moved Supreme Court seeking permission to attach major foreign assets of Sahara Group worth over Rs 3,697 crore.

New Delhi: There is fresh trouble for Sahara Group Chairman, as the Enforcement Directorate has moved Supreme Court seeking permission to attach major foreign assets of Sahara Group worth over Rs 3,697 crore.

As per a TV channel report, The ED has alleged that out of Rs 25,000 crore, Rs 3, 697 were fraudently collected from investors

ED alleges that the money transferred abroad was used to acquire assets, and added that these assets foreign assets of the Group are proceeds of crime under Prevention of Money Laundering Act.

The investigating agency fears that under compulsion to pay off to investors, Sahara may try to sell or dispose off these properties.

In a severe blow to Sahara, the Supreme Court on Monday had ordered attachment of the Group's prime Aamby Valley property in Pune, worth nearly Rs 40,000 crore, to make up the payment for the remaining Rs 14,779 crore the company owes investors with market regulator Sebi.