Sahara financing deal off |
The much-hyped $2-billion funding by a US firm of beleagued Sahara group has fallen through. US firm Marach Capital was run by Indian-origin businessman Saransh Sharma. The US firm claimed the Indian group itself scuttled the deal. Sahara has begun exploring fresh options to secure bail for its chief Subroto Roy. But, in fresh trouble for Roy, the Enforcement Directorate (ED) has slapped a show cause notice on the conglomerate for alleged violations of foreign exchange laws to the tune of Rs 3,600 crores in connection with the purchase of a luxury property in London a few years ago. Reports said ED issued the notice after a two-year-long investigation in the case which pertains to the purchase of Grosvenor House hotel in London, a luxury property, by transfer of funds from India by the group in 2010.
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