The ED investigation is based on three signed registered against Humara India Credit Cooperative Society Limited and others by the Police in Odisha, Bihar and Rajasthan. | Photo credit: PTI
The Compliance Directorate (ED) has provisionally attached 707 acres of land worth 1,460 million rupees in the city of Aamby Valley in the Lonavala de Maharashtra in the case of Sahara India and its group entities. The land was supposedly bought on behalf of the ‘Benami’ entities using deviated funds from the Sahara group, the agency alleged.
The ED investigation is based on three information reports (FIRS) registered against Humara India Credit Cooperative Society Limited (HICCSL) and others by the Police in Odisha, Bihar and Rajasthan.
“In addition, more than 500 FIRS were presented against entities of the Sahara Group and related people, with more than 300 of them registered for the crimes that are scheduled under the law of money laundering prevention by accusations that people were put back in fashion, and they were denied maturity payments despite demanding maturity payments several times,” said an officer.
As Alleged, The Sahara Group was running a ‘Ponzi’ Scheme Through Entities Such As Hiccsl, Sahara Credit Cooperative Society Limited, Saharayn Universal Multipurphose Cooperative Society, Stars Multipurious Limited, Sawerrative Limited, Sawerient Limited, Sawerrative Cooperative, Sawerrative Cooperative, Sawerrative Cooperative, Sawerrative Cooperative, Sawerrative Cooperative, Sawerrative Limited Real Estate Corporation Limited, Sahara Housing Investment Corporation Limited and other entities of the Sahara Group.
“The group has cheated deposits and agents by attracting them with high yields and commissions respectively and has used the funds collected in an unregulated manner without information or the depositors. In addition/ aloid to the forcedr redesters of their expiration, switching/ transfer of deposits of one scheme to another scheme and entity,” he said.
According to the Emergency Department, to camouflage the non -repetition, the group manipulated the account books to show payments in a scheme, dealing with reinvestment as a new investment in another scheme. “… They continued to accept new deposits that are not attached to paying the existing expiration amount. A part of the money collected was diverted and diverted by creating ‘Naami’ assets, for their personal exams and their luxurious lifestyle,” said the agency.
The agency claimed that the assets of the Sahara group had been eliminated and a part of the payment received in unleashed cash, “thus denying the depositors of their legitimate claim.”
The ED has registered the statements of several people, including depositors, agents and employees of the Sahara Group. He also made searches that lead to the seizure of ₹ 2.98 million rupees in “inexplicable effective.”
Published – April 15, 2025 05:32 pm ist
