ED raids multiple locations linked to Sahara Group in Rs 3,000 cr ponzi scheme case

New Delhi, Aug 12 (IANS) The Enforcement Directorate (ED), Kolkata Zonal Office, has conducted searches at nine locations across Ghaziabad, Lucknow, Sriganganagar, and Mumbai in connection with a money laundering probe against the Sahara Group.

The raids, carried out on August 11 under the Prevention of Money Laundering Act (PMLA), targeted entities involved in various land and share transactions with Sahara companies. The investigation stems from three FIRs filed in Odisha, Bihar, and Rajasthan against M/s Humara India Credit Cooperative Society Ltd. (HICCSL) and others under Sections 420 and 120B of the IPC.

According to ED, over 500 FIRs have been registered against different Sahara entities nationwide, with more than 300 related to scheduled offences under PMLA. These cases allege large-scale cheating of depositors through coercive redeposits and denial of maturity payments.

The ED claims Sahara Group operated a Ponzi scheme through entities such as HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, and SHICL, luring depositors and agents with promises of high returns and hefty commissions. Funds were allegedly managed without oversight, with maturity proceeds unpaid and reinvested under coercion or misrepresentation.

Records were purportedly manipulated to conceal these practices. Despite facing financial stress, the group reportedly continued accepting deposits, diverting portions to dubious share deals, creation of 'benami' assets, and personal expenses. Group assets were allegedly sold for partial cash payments, further depriving investors of their rightful dues.

During the searches, incriminating documents and records were seized, and statements from key individuals were recorded.

The ED has previously issued three Provisional Attachment Orders in the case, covering 707 acres in Amby Valley worth Rs 1,460 crore, 1,023 acres in Sahara Prime City Ltd valued at Rs 1,538 crore, and movable assets of Chandni Roy, wife of Sahara Group scion Seemanto Roy, worth Rs 14.75 crore.

Earlier arrests include Anil V Abraham, Executive Director in Sahara’s Chairman Core Management Office, and property broker Jitendra Prasad Verma, both currently in judicial custody.

The investigation remains ongoing.

--IANS

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