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As a result of a search conducted by the Enforcement Directorate (ED) in November of the Sallarpuria Sattva Group’s Bengaluru office and in accordance with the Prevention of Money Laundering Act of 2002 (PMLA) the ED attached land and bank assets belonging to developers in Hyderabad and Bengaluru totalling Rs 78 crores. The assets include real estate worth Rs 37.58 crore owned by SA Builders & Developers, and a bank balance of Rs 41.05 crore held by Neelanchal Technocrats Pvt Ltd, a Bengaluru-based developer and member of the Sallarpuria Group.
In light of the search conducted by the Enforcement Directorate (ED) in November of the Sallarpuria Sattva Group’s office in Bengaluru, the ED has attached land and bank assets amounting to Rs. 79 crores. Amongst the assets attached is real estate worth approximately Rs 38 crores owned by SA Builders & Developers and bank accounts with a balance of Rs 41 cores held by Neelanchal Technocrates Pvt Ltd.
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According to the investigation, Nowhera Sheik and her company Heera Group gave SA Builders & Developers around Rs 148 crore to buy homes in Hyderabad's Tolichowki neighbourhood. However, only properties that the Heera Group had previously attached and valued at around Rs 70 crore were registered. According to an ED statement, the remaining money totalling Rs 78 crore were illegally discovered with SA Builders & Developers.
Further inquiry showed that SA Builders & Developers had sent Neelanchal Technocrats Pvt. Ltd. and four other Shell businesses in Kolkata and Shillong a total of Rs 41 crore out of over Rs 78 crore. In the end, the money was returned as loans to the Sallarpuria Sattva Group.
After Nowhera Sheik and others obtained more than Rs 5,000 crore in investments from the public under the false pretence of a 36 per cent yearly return on investment, ED had filed a money laundering case against them in 2018. However, despite scamming thousands of ignorant investors they had not even made the principal payments.
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