ED Attaches Sahara's Properties Worth Rs 1,538 Crore : ED Seizes Sahara's 'Benami' Properties Worth Rs 1,538 Crore Across India

New Delhi, April 24 (NationPress) The Enforcement Directorate (ED), Kolkata Zonal Office, has initiated a crucial operation regarding Sahara Prime City Limited by provisionally attaching 1,023 acres of land estimated at approximately Rs 1,538 crore, based on 2016 circle rates.

The properties that have been attached span across 16 cities in India and were reportedly acquired under benami through funds misappropriated from Sahara entities.

These properties are situated in locations such as Anand, Bhubaneswar, Hubli-Dharwad, Jaipur, Jammu, Mysore, and others.

Land acquired under benami names with diverted funds from Sahara entities has now been attached across 16 cities in India.

The total area of 1,023 acres includes various locations and projects.

For instance, 22.8 acres can be found along the Jitodia-Borsad Road in the villages of Mogri and Vanskhalia in Anand, Gujarat.

Other notable locations include Bhubaneswar (2.76 acres), Sindhudurg (Maharashtra) (30.4 acres), Hubli-Dharwad (Karnataka) (123.5 acres), Jaipur (61.7 acres), Jammu (115.1 acres), and Mysore (73.8 acres), as well as Roorkee (Uttarakhand) (51.3 acres) encompassing the villages of Malakpu Latifpur, Kanhapur Mustahakam, Kanhapur Ahtamal, and Sherpur.

Additionally, Shimoga (Karnataka) (29.9 acres), Solapur (Maharashtra) (125.5 acres), Lalitpur (Uttar Pradesh) (6.63 acres), and Lucknow (107.6 acres) across villages such as Aloonagar Diguriya, Ghaila, and Narharpur have been affected.

Moreover, Berhampur (Odisha) (2.4 acres), Bikaner (Rajasthan) (168.5 acres) including another 80 acres in Ridmalsar Purohitan village, and Moradabad (Uttar Pradesh) (21.6 acres) are involved.

These properties signify substantial investments and a wide range of geographical distributions, playing a vital role in the ongoing investigations into the financial dealings of Sahara entities.

The ED's investigation commenced following the filing of three FIRs under Sections 420 and 120B of the IPC (Indian Penal Code) against Humara India Credit Co-operative Society Ltd. (HICCSL) and others by law enforcement in Odisha, Bihar, and Rajasthan.

Over 500 FIRs have been filed against Sahara Group entities, with more than 300 involving violations under the Prevention of Money Laundering Act (PMLA), 2002.

Accusations include coercing depositors into re-depositing funds, withholding maturity payments, and deceiving individuals into schemes with false promises of high returns and commissions.

The Sahara Group is implicated in operating a Ponzi scheme through various entities like HICCSL, Sahara Credit Cooperative Society Limited, Sahara India Real Estate Corporation Ltd., and others.

Investigations have uncovered irregularities such as misappropriation of collected funds, manipulation of account records to hide non-repayments, and the establishment of benami assets.

Funds were also used for personal luxuries and undisclosed cash transactions.

The ED disclosed that assets were sold for cash without depositors' knowledge, denying them their rightful claims.

During operations conducted under Section 17 of the PMLA, Rs 2.98 crore in cash was confiscated.

Previously, 707 acres of land in Amby Valley, valued at Rs 1,460 crore, were also provisionally attached in relation to this case.

The ED's initiatives highlight the systematic exploitation by Sahara entities and the seriousness of the alleged offenses.

Statements from depositors, agents, and employees have been collected, and investigations are ongoing to ensure accountability and justice for those impacted.

This development signifies yet another chapter in the continuous examination of Sahara Group's financial practices.