Bhopal (Madhya Pradesh): The Enforcement Directorate (ED) has stated in its chargesheet that accused Saurabh Sharma owns a luxury villa worth Rs 150 crore in Dubai.
The chargesheet, filed in connection with a money laundering case, states that both Saurabh Sharma and Chetan Singh failed to justify the source of funds used to acquire assets worth several crores in India and abroad.
Sources said while co-accused Sharad Jaiswal disclosed the source of his share in jointly acquired properties, Saurabh and Chetan were unable to provide any credible documentation supporting their financial contributions.
The trio had reportedly floated multiple companies involving large-scale investments.
The ED chargesheet stated that both accused routed funds through accounts of their family members. However, during investigation, neither Saurabh nor Chetan could establish the original source of those funds.
After chargesheet filing, families of the accused have begun reviewing land records and financial documents cited by the ED.
Defence lawyers said preliminary preparations are underway to present supporting evidence ahead of the next bail hearing. The court is scheduled to hear the matter on April 11, and sources suggest a bail application is likely to be moved next week. The ED has sought confiscation of proceeds of crime amounting to Rs 108.25 crore.
So far, the agency has provisionally attached assets worth Rs92.07 crore and seized Rs 16.18 crore in cash. Web of wealth Investigations have revealed that Saurabh Sharma and Chetan Singh amassed substantial assets in the names of family members.
A warehouse in Sukhi Sewania, Bhopal, along with fisheries contracts in Govind Sagar and Rajghat dams, are registered in the name of a relative, Diviya. Moreover, three houses in Indore and a real estate project near Dewas Naka have also been acquired under her name. Land records show 18 acres of property within Gwalior Municipal Corporation jointly owned by Diviya and Chetan. In Bhopal, four bungalows and an ongoing school construction project in Kolar are in the name of Saurabh’s mother, Uma. The duo also recently acquired three petrol pumps located on Hoshangabad Road and in Abdullahganj, each spread across five acres.
The ED has claimed that Saurabh was involved in hawala transactions and operated a money laundering network in collaboration with Lokesh Sadasivam. He is also suspected of accumulating massive wealth through corrupt practices in transport department. Previous seizures by the Income Tax Department include Rs11.61 crore in cash recovered from Saurabh’s Innova, gold bars valued at Rs 40.27 crore, and an under-construction school estimated to be worth Rs13.9 crore.
