New Delhi, May 6 Sahara India's housing scheme today came under scrutiny as the Delhi High Court refused to quash criminal investigation against it for allegedly cheating people who had invested in the scheme.
Sahara India Commercial Corporation Ltd sought quashing of the investigation against it on a complaint filed by an investor after it refunded him the invested amount.

Justice Manmohan, however, was not satisfied with the contentions of the company and said the matter needed investigations as it was not concerned with only one investor.

"There is large number of people who have invested in the scheme and allegations against you are startling. It needs to be investigated," Justice Manmohan said, adding "I cannot pass such order as my conscience does not allow it."

"I would find out what this project is all about. You cannot cheat thousands of people. It is a serious issue," the Court said when informed by the police that there were many other similar complaints against the company.

The Court directed the Delhi Police to conduct further investigations and file a status report by July 8 when it would take up the matter for further hearing. It also ordered the police to find out about other similar complaints against the company.

Sahara India had launched two schemes in 2003 -- Sahara Swarn Yogana and Sahara Rajat Yogana -- for providing housing to millions of people in about 202 cities across the country.

Under Sawarna Yogana, an investor had to pay Rs one lakh lump sum or Rs 10,000 per month for 10 months to get a house; under Rajat Yogana, one was required to pay an advance of Rs 10,000 lump sum.

By Sumit Kumar, Section Gurgaon Real Estate Property
Posted on Wed Jun 04, 2008 at 05:27:05 AM EST

Less than a month after the Delhi High Court refused to quash criminal proceedings against Sahara India for allegedly duping investors in its housing schemes, the trial court has issued search warrants for the company's offices in Noida and Lucknow.
Additional Chief Metropolitan Magistrate (ACMM) Alok Aggarwal allowed investigators to conduct searches at Sahara India Commercial Corporation Ltd's command office in Lucknow and three of its buildings in Noida after he was informed by the police that the company had not responded to notices seeking certain documents to facilitate investigations.

The investigating officer (IO) also told the court during a recent hearing that besides Darshan Singh, the complainant in the present case, at least 17 others have joined the investigation as complainants. They are all claim the company cheated them on the pretext of providing houses in Gurgaon at cheap rates.

In the status report, the IO produced the High Court's May 6 order in which Justice Manmohan Sarin had refused to drop charges against Sahara India. Justice Sarin held that the allegations company were "startling" and that no company could be allowed to cheat thousands of people.

The High Court had given a go-ahead to the probe and directed Delhi Police to conduct further investigations and file a status report. It had also ordered the police to find out about other similar complaints against the company.

"In these circumstances, I am satisfied that the issuance of the search warrant to facilitate seizure of relevant documents is necessary in this case," ACMM Aggarwal said. "Accordingly, search warrants be issued authorising the IO to search the premises: Command Office, Sahara India Bhawan, Lucknow, and Sahara India Parivar (C-2, C-3, C-4) in Noida."

The investigators have been authorised to get their hands on documents pertaining to company accounts, details of investigators, ownership of land for the proposed township and development works, if any, initiated by them.

Sahara India had launched two schemes in 2003, Sahara Swarn Yogana and Sahara Rajat Yogana, for providing housing to millions in about 202 cities across the country.

Under Sawarna Yogana, an investor had to pay Rs 1 lakh lump sum or Rs 10,000 per month for 10 months to get a house. Under Rajat Yogana, one was required to pay an advance of Rs 10,000 lump sum.

The Economic Offences Wing of Delhi Police is investigating the matter on a complainant filed by Darshan Singh, 70, who claimed to have invested more than Rs 2 lakh in the housing scheme four years ago but was neither allotted flats nor was his investment refunded.

Registration money was collected on Year 2005 and still there are no news of when they are starting their projects. Even applicants are not sure of whether they (SAHARA's) have land with them or not. They just provide a cartificate and a passbook showing money transsaction.

If anyone have some information related to this proejct pls share the same.

Is there is any method to expose them OR clarification from them.....