The total value of these plots is Rs 1,538 crore (according to the 2016 revolving interest rate). The lands were purchased through a “Benami” transaction and its funds “transfer” to the Sahara entities, the agency said in a statement.
The statement said the lands are located in Gujarat, Odisha, Maharashtra, Karnataka, Rajasthan, Jamu and Kashmir and Uttar Pradesh.
Last week, ED attached 707 acres of land in Lonavala, Maharashtra, worth Rs 14,600 crore (market value).
The money laundering case stems from more than 500 FIRs submitted by state police departments.
The emergency room conducted three bureaus for police and other police officers in Odisha, Bihar and Rajasthan registered against Humara Indian Credit Cooperation Association Limited (HICCSL), in addition to more than 500 such complaints filed against Sahara Group entities and related personnel, and was also analyzed by ED. The agency alleged that the Sahara Group was running a “Ponzi” scheme through various entities, such as HICCSL, Sahara Credit Cooperative Society Limited (SCCSL), Saharayn Universal Multipurpose Cooperative Society (SUMCS), Stars Multipurpose Cooperative Society Limited (SMCSL), Sahara India Commercial Corporation Limited (SICCL), Sahara India Real Estate Corporation Limited (SIRECL), Sahara Housing Investment Limited (SHICL) and other group entities.
“The group has tricked depositors and agents into tricking depositors by inducing them with high returns and commissions respectively, and leveraging the funds in an unregulated manner without any information or control over the depositor,” Ed said.
