ED attaches ₹1,460 crore worth land in Sahara India case

New Delhi; The Enforcement Directorate (ED) has provisionally attached 707 acres of land worth ₹1,460 crore located in and around Aamby Valley City in Lonavala, Maharashtra, as part of its investigation into Sahara India and its group entities. The ED alleges the land was purchased under the names of ‘benami’ entities using misappropriated funds diverted from Sahara Group businesses.

The ongoing probe stems from three First Information Reports (FIRs) filed against Humara India Credit Co-operative Society Limited (HICCSL) and other entities in Odisha, Bihar, and Rajasthan. In total, over 500 FIRs have been filed against Sahara-linked entities, more than 300 of which pertain to offences under the Prevention of Money Laundering Act (PMLA). These include allegations that depositors were defrauded, coerced into re-investments, and denied maturity payments.

According to the ED, Sahara Group operated a large-scale Ponzi scheme through several entities including HICCSL, Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Cooperative Society, and Sahara India Real Estate Corporation, among others. The group allegedly lured depositors with promises of high returns and commissions while diverting the funds in unregulated ways and failing to honour repayment commitments.

To mask the defaults, Sahara reportedly manipulated its accounting records, showing reinvested funds as fresh investments in other schemes. The agency claims that the group continued to accept new deposits despite being unable to repay existing ones, and used part of the money for lavish personal expenditures and to acquire benami assets.

Further, the ED has alleged that some of the group’s assets were sold with part of the payments made in unaccounted cash, depriving depositors of legitimate claims. The agency has already seized ₹2.98 crore in unexplained cash during searches and has recorded statements from depositors, agents, and employees linked to the group.

The investigation into Sahara's financial dealings and alleged fraud remains ongoing.