The Securities Exchange Board of India (SEBI) ordered freezing of bank accounts of two firms belonging to the Sahara India group for not returning more than Rs. 24,000 crore to investors.

SEBI has said that it is freezing the accounts and attachment of properties of Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)  and topexecutives including its chairman Subrata Roy. The capital market regulator has also asked the Sahara Group companies to deposit SHIC's cash and bank balance worth Rs 309.19 crore and SIREC's worth Rs 1,655 crore with the regulator.

The order came in the investor refund case involving more than Rs 24,000 crore. The group said that the decision is based on old facts and that orders for attaching assets of individuals is not a correct step taken by the regulator.

The regulator ordered freezing of all the accounts and attachment of all investments and properties of two Sahara firms and their top executives. The regulator is attaching group's Aambey Valley resort town, various real estate assets located in Delhi, Mumbai and several other places in the country, shares, mutual funds as well as other investments.