 "ED attaches ₹1,460 cr Aamby Valley land in probe against Sahara Group")
The Enforcement Directorate (ED) has taken major action against the Sahara Group by attaching 707 acres of prime land in Aamby Valley City, Lonavala, Maharashtra. Valued at ₹1,460 crore, the property was seized 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 high-value land was bought using money allegedly diverted from various Sahara group companies and registered under fake names to hide the real ownership. “The land was purchased in benami names with funds diverted from Sahara group entities,” the official said.
In another related move, ED officials seized ₹2.98 crore in unaccounted cash during searches carried out under Section 17 of the PMLA.
The case stems from three FIRs filed in Odisha, Bihar, and Rajasthan against Humara India Credit Co-operative Society Ltd (HICCSL) and others for alleged cheating and conspiracy. Since then, over 500 FIRs have been registered nationwide against different Sahara-linked companies and individuals, with more than 300 falling under serious offences listed in the PMLA.
Thousands of people across India have complained to the ED, claiming they were tricked into depositing their savings with the promise of high returns. Many said they were forced into reinvesting their money without consent and were denied maturity payments despite repeated follow-ups.
The ED’s probe further uncovered that Sahara was running a Ponzi-style scheme through multiple co-operative societies and real estate firms, including:
- Sahara Credit Cooperative Society Ltd (SCCSL)
- Saharayn Universal Multipurpose Cooperative Society (SUMCS)
- Stars Multipurpose Cooperative Society Ltd (SMCSL)
- Sahara India Commercial Corporation Ltd (SICCL)
- Sahara India Real Estate Corporation Ltd (SIRECL)
- Sahara Housing Investment Corporation Ltd (SHICL)
“The group has cheated depositors and agents by luring them with promises of high returns and commissions, and misused the funds in a non-transparent, unregulated manner,” the official said.
Investigators also revealed that the group allegedly manipulated financial records to make it appear as though funds had been repaid. This gave the illusion that investors were being paid back. However, in reality, their money remained stuck and liabilities kept growing.
Despite failing to clear existing dues, the group allegedly kept collecting new deposits to keep the cycle going. A big chunk of this money was used to buy benami properties, fund personal luxuries, and maintain a lavish lifestyle, the ED found.
As part of the probe, the ED has recorded statements of several people — including depositors, agents, Sahara employees, and others — under Section 50 of the PMLA.
(With agency inputs)