SFIO searches Sahara's office in Lucknow, probe against group widens

Group's companies suspected to have diverted a huge amount of money to other subsidiaries after taking collections from depositors.

The Serious Fraud Investigation Office (SFIO) on Thursday searched headquarters of the Sahara group in Lucknow in an investigation against the three companies that allegedly collected crores of money from the public. 

SFIO said the group's companies diverted a huge amount of money to other subsidiaries after taking collections from depositors for finance schemes. “There are huge inter-company investments/advances as indicated by the financial statements of these companies and the activities of the various group companies are intertwined,” it said on Thursday.

SFIO has got approval from the Ministry of Corporate Affairs to investigate six other group companies it suspects