Imphal, March 16: The Enforcement Directorate (ED) has taken significant action against an alleged illegal financial network operating in Manipur, temporarily attaching assets worth ₹50.80 crore. This operation is linked to the Salai Group of Companies, Smart Society, and other affiliated institutions. The ED has issued a third provisional attachment order in this case.
The seized assets include cash deposits in bank accounts, as well as immovable and movable properties. These assets comprise land, buildings, and various industrial and commercial units, including rice mills, flour mills, food oil refineries, mushroom plants, emu farms, fish farms, and gym equipment. All these properties are registered under the names of different companies belonging to the Salai Group.
The investigation by the ED was initiated based on an FIR registered by the Manipur Police. This FIR was filed at the Lamfel Police Station in Imphal West district. The accused in this case are Yambem Biren and Narengbam Samarjeet, who are alleged to have promoted activities aimed at declaring Manipur separate from the Indian Union. This has led to serious charges, including waging war against the state, sedition, and inciting enmity and hatred among different groups.
The National Investigation Agency (NIA) has filed a chargesheet against Narengbam Samarjeet Singh, Yambem Biren, and other accused individuals. The chargesheet indicates that the accused raised funds illegally from the public through the Salai Group and its affiliate Smart Society. They lured people with promises of a 36% annual return on investments, despite lacking any valid licenses or authority to do so. This money was allegedly laundered through 19 companies of the Salai Group and was purportedly used for separatist activities and other illegal operations.
The investigation revealed that Salai Financial Services was registered under the Bombay Money Lenders Act, which only permitted the institution to lend money. However, the accused allegedly misused this registration to accept public deposits. The institution operated like a bank or NBFC without obtaining any permission from the Reserve Bank of India (RBI). The deposited amounts were subsequently circulated through company accounts, personal accounts of directors, and various investments.
Later, the Central Bureau of Investigation (CBI) registered an FIR on March 15, 2023, invoking provisions of the Indian Penal Code, including sections 120B and 420, as well as the Banning of Unregulated Deposit Schemes Act, 2019.
The CBI’s investigation revealed that the entire network was functioning like an illegal Ponzi and money circulation scheme. On November 9, 2024, the agency filed chargesheet number 87/2024, stating that the accused fraudulently raised over ₹46.43 crore from the public.
During the investigation, the ED initially attached approximately ₹11.26 lakh from the bank account of Salai Mart Private Limited and around ₹2.32 crore from Salai Agri Consortium Pvt. Limited. These attachments were later confirmed by the Adjudicating Authority. Following this, the ED also filed a prosecution complaint in the special court under the Prevention of Money Laundering Act (PMLA) in Imphal East.
Further investigations revealed that the proceeds of crime were used for business expenses, property purchases, machinery imports, customs duties, income tax payments, directors’ foreign trips, credit card payments, and cash withdrawals through employees. Some amounts were also used to purchase assets in cash.
The ED identified 28 immovable and 5 movable assets registered under the names of the Salai Group, Smart Society, and affiliated institutions, allegedly purchased with the proceeds of crime. In total, assets worth ₹50.80 crore have been attached. According to the ED, a total of ₹53.22 crore in movable and immovable assets belonging to the Salai Group and its affiliates have been temporarily attached so far. The agency stated that the investigation is ongoing, and further actions may follow.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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