ED Attaches ₹1,460 Crore Worth of Land in Lonavala Linked to Sahara Group Scam
ED Attaches ₹1,460 Crore Worth of Land in Lonavala Linked to Sahara Group Scam
In a significant move against the Sahara India Group, the Enforcement Directorate (ED) has attached 707 acres of premium land in and around the upscale Aamby Valley City near Lonavala, Maharashtra. The property, valued at ₹1,460 crore, was allegedly acquired through benami transactions using funds misappropriated from Sahara Group entities.
This action is part of a broader investigation into alleged financial fraud and money laundering by the group. Multiple FIRs have been registered across states like Odisha, Bihar, and Rajasthan—especially targeting the Humara India Credit Co-operative Society Limited (HICCSL), a Sahara-linked entity. Over 500 cases have been filed so far, with more than 300 under the Prevention of Money Laundering Act (PMLA).
Investigators claim the Sahara Group ran a large-scale Ponzi-like scheme, enticing investors with promises of high returns. Many depositors were reportedly denied withdrawals and forced to reinvest their matured funds into new schemes. To mask the shortfall, the group is accused of manipulating financial records and channeling investor money into benami assets to maintain a false image of solvency.
The ED also alleges that Sahara executives funded lavish lifestyles through illicitly acquired funds, while many asset transactions were carried out in unaccounted cash. In recent raids, the agency seized ₹2.98 crore in unexplained cash and recorded testimonies from investors, agents, and employees involved.
The ED has stated that it remains committed to exposing the full extent of the fraud and securing justice for the victims who were misled and financially harmed by the Sahara Group’s actions.
