The Enforcement Directorate (ED) has seized 707 acres of land in Aamby Valley City in Lonavala, Maharashtra, in a major action against the Sahara Group. This property worth ₹1,460 crore has been seized under the Money Laundering Act (PMLA) 2002 in the ongoing investigation of large-scale financial irregularities.
An ED official confirmed on Tuesday that this high-value land was purchased with money taken from several companies of the Sahara Group and was registered in fake names to hide the real ownership. The official said, ‘The land was purchased in benami names with money taken from the entities of the Sahara Group.’
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Sahara Group: Unaccounted cash worth Rs 2.98 crore also seized
Apart from this, ED officials have seized unaccounted cash worth Rs 2.98 crore during the search conducted under Section 17 of PMLA. The case has come to light through three FIRs filed in Odisha, Bihar and Rajasthan against Humara India Credit Co-operative Society Ltd (HICCSL) and others for fraud and conspiracy.
Since then, more than 500 FIRs have been filed across the country against several companies and individuals linked to Sahara, of which more than 300 fall under serious offences listed in the PMLA.
Cheated with promise of high returns
Thousands of people across India have complained to the ED, claiming they were duped into depositing their savings with the promise of high returns. Many said they were forced to reinvest their money without consent and were not given maturity payments despite repeated follow-ups.
The ED probe further revealed that Sahara was running Ponzi-style schemes through several co-operative societies and real estate firms.
Also manipulated financial records
The ED official said, ‘The group has cheated depositors and agents by promising high returns and commissions and misused funds in a non-transparent, unregulated manner.’
Investigators also revealed that the group also manipulated financial records to make it look like the funds have been returned. This created the illusion that money was being returned to the investors. However, in reality their money remained stuck and liabilities kept increasing.
ED recorded statements of several people in the case
Despite failing to repay the existing dues, the group continued to collect new deposits to keep the cycle going. ED found that a large part of this fund was used to buy benami properties, fulfill personal luxury and maintain a lavish lifestyle.
As part of the investigation, ED has recorded statements of several people under Section 50 of PMLA, including depositors, agents, Sahara employees and others.
