No ED notice to group companies: Sahara

NEW DELHI: Sahara said on Monday that two group companies have so far not received any notice for alleged involvement in money laundering activity. The company was responding to reports that said proceedings have been initiated against the two Sahara companies, SIRECL and SHICL, under Prevention of Money Laundering Act, 2002.
It said the Supreme Court has directed Sebi to verify the investors, and the stock market regulator has been given detailed informations, which have to be strictly complied with.“Sebi is yet to carry out this verification. Till this verification is completed by Sebi, and it is ascertained that source of funds collected and the payments made by Sahara companies are not genuine or that the investors do not exist, no allegation of money laundering can be made by anybody or any authority,” the company said in a statement.
“Consequently till then, Enforcement Department or any other authority may not have jurisdiction in the matter, involving verification of investors,” it said.
The company reiterated that all their investors are genuine and have been paid their dues and the list containing about 30 million accounts have been submitted to Sebi, along with original application forms, redemption vouchers and other records. Sebi and Sahara have been involved in a bitter court battle over the past few years, linked to alleged irregular fund-raising to the tune of Rs 24,000 crore from three crore investors.
Sahara chief Subrata Roy has been in Tihar Jail for nearly eight months after the company failed to raise the Rs 10,000 crore required to secure the bail, which the court is insisting on to repay investors.