The Enforcement Directorate (ED) has attached 707 acres of land worth approximately Rs. 1,460 crore in and around Aamby Valley City, Lonavala, as part of its investigation into the Sahara Group’s alleged money laundering activities. The land, purchased through benami names, was funded with money diverted from various Sahara Group entities. This action follows the registration of three FIRs against the group under charges of cheating and criminal conspiracy, filed by police in Odisha, Bihar, and Rajasthan.
The ED’s investigation revealed that the Sahara Group was operating a Ponzi scheme through several of its entities, including Humara India Credit Co-operative Society Ltd. (HICCSL) and Sahara Credit Cooperative Society Limited (SCCSL). The group allegedly deceived depositors by enticing them with high returns and commissions, while using the collected funds in an unregulated manner. The group also forced depositors to reinvest their maturity amounts and manipulated accounts to hide non-repayment, continuing to accept new deposits despite being unable to pay existing claims.
As part of the investigation, the ED has conducted multiple searches and seized unexplained cash amounting to Rs 2.98 crore. Statements from depositors, agents, and employees of the Sahara Group have been recorded, and further investigations revealed that the group siphoned off funds to create benami assets, which were sold off, with payments made in undisclosed cash. This effort is part of the broader probe into the group’s activities, with over 500 FIRs filed against the entities involved.
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