Sahara Group Faces Major Setback as ED Seizes Land Worth ₹1,460 Crore
Enforcement Directorate Takes Action Against Sahara Group
New Delhi: The Sahara Group is in deeper trouble as the Enforcement Directorate (ED) in Kolkata has seized 707 acres of land located in Aamby Valley City, Lonavala, Maharashtra, valued at ₹1,460 crore, in connection with a money laundering investigation, an official reported on Tuesday.
The land was acquired under fictitious names using funds misappropriated from Sahara group companies, according to the official, who noted that this action was executed under the Prevention of Money Laundering Act (PMLA), 2002.
Additionally, the ED conducted searches under Section 17 of the PMLA, resulting in the confiscation of ₹2.98 crore in unexplained cash.
The investigation was initiated following three FIRs filed for fraud and conspiracy against Humara India Credit Co-operative Society Ltd (HICCSL) and others by police in Odisha, Bihar, and Rajasthan.
Over 500 FIRs have been lodged against Sahara Group entities and associated individuals, with more than 300 of these related to offenses outlined in the PMLA, the official added.
Depositors have claimed they were misled into investing their money, coerced into reinvesting without their consent, and denied their maturity payments despite repeated requests.
The ED's findings suggest that the Sahara Group operated a Ponzi scheme through various entities, including HICCSL, Sahara Credit Cooperative Society Limited (SCCSL), Saharayn Universal Multipurpose Cooperative Society (SUMCS), Stars Multipurpose Cooperative Society Limited (SMCSL), Sahara India Commercial Corporation Ltd (SICCL), Sahara India Real Estate Corporation Ltd (SIRECL), and Sahara Housing Investment Corporation Ltd (SHICL).
The group allegedly deceived depositors and agents by promising high returns and commissions while misusing the collected funds without proper oversight.
Investigations revealed that the group manipulated financial records to falsely indicate repayments, treating reinvestments as new investments in different schemes.
To sustain the Ponzi scheme, they continued to accept new deposits even while failing to repay existing maturity amounts. A portion of the funds was reportedly diverted to create benami assets and support extravagant personal expenditures, according to the ED.
During the investigation, statements from various individuals, including depositors, agents, and Sahara Group employees, have been recorded under Section 50 of the PMLA.