Bhopal: The Economic Offences Wing (EOW) has registered cases related to Sahara’s controversial land deals in Bhopal, Katni, and Jabalpur, uncovering massive financial discrepancies and raising political tensions in Madhya Pradesh. The government and investors reportedly suffered losses amounting to Rs 300 crore due to undervalued sales.
In these three cities, 310 acres of land were sold for Rs 90 crore, despite the market value being approximately Rs 900 crore. The undervaluation not only resulted in the government losing Rs 200 crore in potential income tax but also Rs 100 crore in stamp duty revenue for the Registration Department.
Adding to the controversy, Sahara reportedly declared the value of 110 acres as Rs 125 crore in the Supreme Court in 2014, but the same land was sold to Sinap Real Estate Private Limited for just Rs 48 crore.
The EOW’s investigations may prompt action from SEBI, along with a broader probe into other Sahara-owned lands sold in the state. The cases could also implicate buyers and officials who failed to verify documents during these transactions.
Political Uproar and Central Involvement
The cases have triggered a political storm, particularly after I-T raids uncovered critical documents at the residence of Rajesh Sharma. Reports suggest that the central government has given a green signal for further investigations.
Notably, companies linked to ruling party legislator Sanjay Pathak have been implicated in land purchases, raising the possibility of action against him and his associates. As the investigation unfolds, further skeletons may tumble out of the closet, revealing the extent of the irregularities in the Sahara land deals.
