Lonavala: In a major crackdown under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) has provisionally attached the high-profile Ambi Valley City property, valued at ₹1,460 crore, in connection with its ongoing investigation against the Sahara Group.
The action was carried out by the ED’s Kolkata Zonal Office. The sprawling 707-acre Ambi Valley City, located in Lonavala, Maharashtra, was once marketed as “India’s first planned hill city.” The project boasts luxury villas, cottages, lakes, and a grand golf course, offering an upscale lifestyle. It is situated approximately 110 km from Mumbai and 90 km from Pune.
Funds Illegally Diverted from Sahara Units
According to the ED, the land for the Ambi Valley City project was purchased under benami names, and the funds used were illegally diverted from various Sahara Group entities. The group is accused of mobilizing funds through a Ponzi scheme, deceiving investors, and misusing the money for extravagant personal expenses and lavish lifestyles.
The ED alleges that Sahara’s subsidiary companies raised funds by luring investors and agents with promises of high returns and commissions. In many cases, the invested amounts were reinvested without investors’ consent, and maturity payments were either delayed or denied.
Over 500 FIRs Registered Across India
More than 500 FIRs have been filed by police departments in several states against Sahara entities. Notably, three FIRs were registered in Odisha, Bihar, and Rajasthan against Humara India Credit Cooperative Society Ltd (HICCSL).
Other Sahara-affiliated institutions under the ED’s scanner include:
- Sahara Credit Cooperative Society Ltd (SCCSL)
- Saharayan 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)
The ED stated that the group falsified accounting records to show fictitious repayments to investors. Despite failing to return older investments or regulate the schemes, the group continued to accept fresh deposits.
In earlier raids, the agency also seized ₹2.09 crore in unaccounted benami cash.
The investigation is ongoing, with further attachments and legal proceedings expected in the coming months.
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