The Economic Offences Wing (EOW) is investigating the sale of Sahara Group land worth about ₹72.82 crore amid allegations that the proceeds were not deposited into the SEBI-Sahara Refund Account as required. The probe is examining transactions involving land in Katni, Jabalpur and Gwalior and the role of people allegedly associated with the sale process.
According to the report, the EOW registered an FIR following a complaint connected with the land transactions. The case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita, including Section 420 of the IPC and Section 120-B relating to criminal conspiracy.
Investigators are examining whether land belonging to Sahara Group companies was sold and whether the proceeds were diverted instead of being deposited into the designated refund account.
EOW Examines 310-Acre Land Transactions
The investigation centres on the alleged sale of around 310 acres of land. The report states that Sahara Group properties in Bhopal, Katni and Jabalpur were among the assets under scrutiny.
According to the EOW, the total value of the land transactions under investigation is ₹72,82,26,728. The agency is examining allegations that properties linked to Sahara Refund Account requirements were sold through different entities and individuals.
The report also refers to allegations involving around ₹10.29 crore in transactions connected with land in Katni, Jabalpur and Gwalior.
The investigation has further examined land that Sahara had purchased in Bhopal around 2014. According to the report, approximately 125 acres of land valued at about ₹47.73 crore was sold in 2025.
The EOW is probing allegations that the ₹47.73 crore received from this transaction was not deposited into the SEBI-Sahara Refund Account. Investigators are examining where the proceeds went and whether the transaction violated requirements governing the properties.
Around 99.76 Acres of Land Also Under Investigation
Another part of the investigation concerns around 99.76 acres of Sahara land valued at approximately ₹14.79 crore. The report states that this land was allegedly sold without depositing the proceeds into the SEBI-Sahara Refund Account.
The EOW is examining the role of people involved in the transactions and the manner in which the land was transferred. The investigation also covers allegations that properties were sold through arrangements involving different entities and individuals.
The report refers to a Supreme Court order dated March 5, 2025, in connection with the handling of Sahara properties. It states that Sahara Group was permitted to sell certain properties, with the proceeds required to be deposited into the SEBI-Sahara Refund Account.
The investigation is therefore focused not merely on whether the properties were sold, but on whether the money generated from those sales reached the designated account.
The EOW is also examining allegations concerning the appointment and role of people associated with Sahara Group companies in the land transactions.
Probe Focuses on Where Sale Proceeds Went
A central question before investigators is the alleged diversion of money generated through the sale of Sahara properties.
According to the report, approximately ₹62.52 crore from the sale of properties was required to be deposited into the SEBI-Sahara Refund Account. The EOW is investigating allegations that the amount was instead transferred through other accounts.
The report states that the overall value of the land transactions under investigation is around ₹72.82 crore. Investigators are examining financial records and the chain of transactions to determine how the sale proceeds were handled and who benefited from them.
The EOW has registered the case as part of its investigation into the alleged land transactions. The matter remains under investigation.
