ED Attaches Rs 1,500 Crore Assets in Money Laundering Probe Against Sahara Group

New Delhi: The Enforcement Directorate (ED) on Wednesday, April 23, announced the attachment of assets worth more than Rs 1,500 crore as part of its ongoing money laundering investigation against the Sahara Group.

The federal probe agency issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach a total of 1,023 acres of land belonging to Sahara Prime City Limited across 16 cities. The land, with an estimated value of Rs 1,538 crore (based on the 2016 circle rate), was reportedly acquired through benami transactions, funded by diverted resources from Sahara Group entities.

Lands Located Across Multiple States
The attached land is spread across several states, including:

• Gujarat
• Odisha
• Maharashtra
• Karnataka
• Rajasthan
• Jammu and Kashmir
• Uttar Pradesh

Last week, the ED had already attached 707 acres of land in Amby Valley, located in Maharashtra’s Lonavala, valued at Rs 1,460 crore. These assets are part of a larger probe connected to over 500 FIRs filed by various state police departments.

Ponzi Scheme Allegations and FIR Analysis
The investigation stems from multiple complaints, including three FIRs against Humara India Credit Cooperative Society Limited (HICCSL) and other related entities in Odisha, Bihar, and Rajasthan. Additionally, over 500 FIRs filed against Sahara Group entities and associated individuals have been scrutinized by the ED.

The ED alleged that the Sahara Group was running a “Ponzi” scheme through a variety of its 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 Limited (SICCL)
• Sahara India Real Estate Corporation Limited (SIRECL)
• Sahara Housing Investment Corporation Limited (SHICL)

Fraudulent Practices and Non-Regulated Fund Management
According to the ED, the Sahara Group exploited depositors and agents by offering high returns and commissions. The funds were allegedly collected in an unregulated manner, with no oversight or control by the depositors, leading to significant financial harm.

The ongoing investigation by the Enforcement Directorate is focused on identifying further assets and tracing the flow of illicit funds within the Sahara Group.