Winning Bizness Desk

Mumbai. In a major action against the Sahara Group, the Enforcement Directorate (ED) has seized 707 acres of land in Aamby Valley City, Lonavala, Maharashtra. The land, valued at ₹1,460 crore, was confiscated under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into large-scale financial irregularities. An ED official confirmed on Tuesday that the property was purchased using funds raised by Sahara Group entities and was registered under fake identities to conceal actual ownership.

Unaccounted Cash and Multiple FIRs

During searches conducted under Section 17 of PMLA, the ED also seized ₹2.98 crore in unaccounted cash. This development is linked to three FIRs registered in Odisha, Bihar, and Rajasthan against Humara India Credit Cooperative Society Limited (HICCSL) and others for fraud and criminal conspiracy. Since the beginning of the probe, more than 500 FIRs have been filed across India against Sahara-related companies and individuals, with over 300 of them falling under serious offences listed in PMLA.

Fraud Through False Promises of High Returns

Thousands of people across the country have filed complaints with the ED, claiming they were lured into depositing their savings with the promise of high returns. Many complainants alleged that their funds were reinvested without their consent and that maturity payments were delayed or denied despite repeated follow-ups. The investigation also revealed that Sahara was operating Ponzi-style investment schemes through multiple cooperative societies and real estate firms.

Fabrication of Financial Records and Misuse of Funds

According to ED officials, the group misled depositors and agents by promising high returns and commissions. The funds were collected in an unregulated and non-transparent manner and were misused on a large scale. Investigators discovered that Sahara manipulated its financial records to falsely portray that funds had been repaid, creating an illusion of financial compliance. In reality, investor money remained stuck, and liabilities kept increasing.

Lavish Lifestyle Funded by Depositors' Money

Despite failing to clear existing dues, the group continued collecting new deposits to maintain the cycle. A large portion of these funds was allegedly used to acquire benami (proxy-owned) properties and finance a luxurious lifestyle. The ED has recorded statements from several stakeholders under Section 50 of PMLA, including depositors, Sahara agents, employees, and other individuals linked to the case.

Key Development

• ED seized 707 acres of Sahara land worth ₹1,460 crore in Lonavala.
• Land was bought using investor funds under fake names.
• ₹2.98 crore in unaccounted cash also recovered during searches.
• Sahara accused of running Ponzi-style schemes and falsifying financial records.
• Depositors' money allegedly used for luxury spending and benami assets.