The ED investigation was based on three FIRs conducted by police in Odisha, Bihar and Rajasthan on Humara India Credit Societrative Society Limited and others. |Photo source: PTI
The Enforcement Bureau (ED) temporarily attached 707 acres of land in Aamby Valley City, Lonavala, Maharashtra, and surrounding Aamby Valley City in Saharashra India case. The agency said the land was purchased in the name of the “Benami” entity with funds transferred by the Sahara Group entity.
The ED investigation is based on three first information reports (FIRs) registered by Humara India Credit Societrative Society Limited (HICCSL) and other police officers in Odisha, Bihar and Rajasthan.
“In addition, over 500 FIRs have been filed against Sahara Group entities and relevant personnel, with more than 300 registered crimes under the Money Laundering Act program, which is accusation of people being cheated of funds, being deceived, being forced to re-dominate funds, not denying unripe payments, and requiring mature maturity despite the demand for mature payments, which is redundant, all several times, several times and again.
The Sahara Group is allegedly running the “Ponzi Scheme” program through entities of HICCSL, Sahara Credit Cooperation Association Co., Ltd., Sahara City General Multifunctional Association, Sahara City Sahara City, Sahara Multifunctional Cooperative Co., Ltd., Sahara India India Commercial Company Co., Ltd., Sahara India India India Real Estate Company Co., Ltd. and other Sahara Group entities.
“The Group has cheated the depositors and agents by alluring them with high returns and commissions respectively and utilized the funds collected in a non-regulated manner without any information or control of the depositors. Further, they avoided repayment and instead forced/ allured the depositors to redeposit their maturity amount, switching/ transferring deposits from one scheme to other scheme and entity,” it alleged.
In order to disguise non-payment, the group manipulated the accounting books to show repayments in one plan, deeming reinvestment as a new investment in another plan, according to the Emergency Room. The agency said: “…they continue to accept new deposits despite the inability to repay existing mature amounts. Some of the funds collected were sneakily and transferred due to the creation of “benami’ assets, personal expenses and a luxury lifestyle.” ”
The agency claims that the Sahara Group’s assets have been disposed of and paid in part of the undisclosed cash “to deny the depositors that it deserves to have a claim.”
ED records statements from various people, including depositors, agents and employees of the Sahara Group. It also conducted a search, resulting in the confiscation of Rs 298 crore on “unexplained cash”.
publishing – April 15, 2025 05:32 pm ist
