Massive Blow to Sahara: ED Attaches ₹1,460 Crore Worth Land in Aamby Valley Under Money Laundering Probe


Landmark Action in Sahara Money Laundering Case

The Enforcement Directorate (ED), Kolkata, has taken a significant step in its ongoing investigation into the Sahara Group by provisionally attaching 707 acres of land in and around Aamby Valley City, Lonavala. The attached property is valued at approximately ₹1,460 crore and was allegedly acquired using funds diverted through fraudulent schemes under benami names.

The land seizure falls under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and is a part of the ED’s broader investigation into illegal financial activities carried out by Sahara Group’s entities.

Background of the Case

  • The ED initiated the probe based on three FIRs registered under Sections 420 and 120B of the IPC in Odisha, Bihar, and Rajasthan.

  • Over 500 FIRs have been lodged against Sahara Group entities, with 300 cases qualifying as scheduled offences under the PMLA.

  • Allegations include misleading depositors with promises of high returns, denying maturity payouts, and forcefully redirecting deposits into other schemes without consent.

Anatomy of the Sahara Ponzi Scheme

The ED’s investigation revealed that Sahara ran a complex Ponzi network through a web of entities, including:

  • Humara India Credit Cooperative Society Ltd. (HICCSL)

  • Sahara Credit Cooperative Society Ltd. (SCCSL)

  • Saharayn Universal Multipurpose Cooperative Society (SUMCS)

  • Stars Multipurpose Cooperative Society Ltd. (SMCSL)

  • Sahara India Commercial Corporation Ltd. (SICCL)

  • Sahara India Real Estate Corporation Ltd. (SIRECL)

  • Sahara Housing Investment Corporation Ltd. (SHICL)

These companies allegedly misused public funds by luring depositors and agents with false promises of high returns. Deposits were often shifted between schemes to create an illusion of repayment, a tactic that the ED says was used to sustain the fraudulent operations.

Use of Public Money for Personal Gains

According to the ED:

  • The Sahara Group diverted a large chunk of the collected funds into benami assets, personal expenses, and luxurious lifestyles.

  • The ED uncovered cases of double entries, forced reinvestments, and manipulated accounts during their probe.

  • Undisclosed cash worth ₹2.98 crore was also seized during search operations under Section 17 of the PMLA.

What's Next?

  • The attached land in Aamby Valley is part of a growing list of assets under scrutiny by the ED.

  • Several people, including agents, depositors, and employees of Sahara, have given statements under Section 50 of the PMLA.

  • The ED has indicated that further investigation is ongoing, hinting at more possible seizures and legal action.

Related Action: AJL & National Herald Properties

In a parallel case, the ED also proceeded to take possession of immovable properties attached in the Associated Journals Limited (AJL)—better known as the National Herald money laundering case. The ED uncovered proceeds of crime worth ₹988 crore, prompting attachment of properties in Delhi, Mumbai, and Lucknow, and rent diversion orders from occupants such as Jindal South West Projects Ltd..

Conclusion

This move marks a bold and sweeping action against financial malpractice in India. With land worth nearly ₹1,500 crore now attached, the ED’s investigation into Sahara Group represents one of the largest money laundering probes in Indian corporate history.

🔍 Stay tuned for more updates as the case unfolds.


Location: Pune, Maharashtra, India

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