• Source:JND
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Sahara India Case: The Enforcement Directorate (ED) arrested Om Prakash Srivastava, former Deputy Managing Director (Deputy Managing Worker) of investment firm Sahara India, in connection with a Rs 150 crore fraud case.

Srivastava was arrested on Thursday after a lengthy interrogation at the ED office in Kolkata on charges of non-cooperation in the investigation. Sahara India had promised substantial returns on investments, but depositors subsequently failed to receive these funds. The case went to the Supreme Court.

Rs 1.79 Lakh Crore Fraud Allegation Against Sahara

The company was accused of corruption amounting to Rs 1.79 lakh crore. An FIR was filed against late Chairman Subrata Roy, his son, and several company officials. The ED claimed that Rs 750 crore of the money withdrawn from depositors went to three company officials, with Rs 150 crore going to Om Prakash Srivastava.

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The Supreme Court had ordered in the corruption case that the money be returned to depositors by selling their assets. It is alleged that the accused also rigged this process. Omprakash Srivastava has retired as the company's Deputy Managing Director. He later joined another company.

SC To Hear Sahara Firm's Plea Seeking Nod To Sell Properties

Meanwhile, on November 17, the Supreme Court deferred by six weeks hearing on Sahara firm's plea seeking its nod to sell properties to the Adani Group as it asked the Centre to also file its response to the note submitted by amicus curiae on the issue.

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A bench of Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh impleaded the Ministry of Cooperation in the matter after Solicitor General Tushar Mehta, appearing for the Centre, said a lot of cooperative societies were formed by the Sahara Group, which may be affected.

Senior advocate Shekhar Naphade, who is an amicus curiae in the matter, submitted a note to the court, saying he has received a lot of objections with regard to the properties sought to be sold by the Sahara group and in particular he has filed objections with regard to 34 properties.

On October 14, the top court sought the response of the Centre, the Securities and Exchange Board of India (SEBI) and other stakeholders on a plea of Sahara India Commercial Corporation Ltd seeking permission to sell its 88 prime properties to Adani Properties Private Limited.
(With PTI inputs)

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