The Enforcement Directorate (ED) has provisionally attached 707 acres of land worth approximately ₹1,460 crore in and around Aamby Valley City, Lonavala, Maharashtra. This action is part of an ongoing investigation into alleged money laundering activities by Sahara India and its group entities. The ED claims that the land was acquired in ‘benami’ names using misappropriated funds diverted from Sahara Group businesses. The attachment was made under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation stems from multiple First Information Reports (FIRs) filed against entities like Humara India Credit Co-operative Society Limited (HICCSL) in Odisha, Bihar, and Rajasthan. Over 500 FIRs have been filed against Sahara-linked entities, with more than 300 pertaining to offenses under the PMLA. Allegations include defrauding depositors, coercing re-investments, and denying maturity payments.
This development adds to a series of actions by the ED against the Sahara Group. In December 2024, raids on builders revealed that Sahara’s land worth over ₹200 crore was sold for just ₹50 crore in Bhopal, Madhya Pradesh. The land was allegedly sold under questionable circumstances, bypassing Supreme Court directives to deposit proceeds into the Securities and Exchange Board of India (SEBI) account for investor refunds.
The ED’s recent attachment in Lonavala is a significant step in its broader investigation into the Sahara Group’s financial dealings. The agency continues to scrutinize the group’s assets and transactions to uncover potential financial irregularities.English.Mathrubhumi+2
Sources