Raid on Sahara properties in Delhi & NCR


NEW DELHI: The income tax department on Saturday conducted searches on the premises of Sahara group in the capital and adjoining areas on charges of tax evasion.

Sources said the searches were launched by the taxman at three locations of the group, one in Delhi and two in the national capital region, as part of its “tax-related demands” against the business group.

The searches, sources said, were on till late in the evening and I-T sleuths had seized some documents, electronic records and cash from the premises.

In a statement, Sahara said it failed to understand why raids were conducted and that some money found by the I-T department was legitimate company funds which are accounted for.

“Since last one year, we are facing complete embargo on our properties and for 20 months all our accounts were frozen and the entire amount from the frozen accounts have been paid to Sebi,” Sahara said in a statement.

“Under such circumstances we are tightly managing the affairs of our big organization and hence some legitimate cash is kept at various points for different kinds of requirements and emergencies,” the company said.

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. The company says it has repaid most of the 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 his bail, which the court is insisting on to repay investors.