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Indian Express
12-08-2025
- Business
- Indian Express
ED raids 9 locations in PMLA case into Sahara Group ‘ponzi scheme'
The Enforcement Directorate (ED) carried out searches at nine locations in Ghaziabad, Lucknow, Sriganganagar and Mumbai on Monday under the Prevention of Money Laundering Act (PMLA), in connection with its investigation into an alleged 'ponzi scheme' involving the Sahara Group. In a statement, the agency's Kolkata zonal office said the probe is into Humara India Credit Cooperative Society Ltd and several other Sahara Group entities. The ED's probe stems from three FIRs filed in Odisha, Bihar, and Rajasthan under Sections 420 and 120B of the Indian Penal Code, along with more than 500 other FIRs registered against the group nationwide. Over 300 of these cases involve scheduled offences under the PMLA. According to the ED, Sahara Group allegedly ran a massive ponzi scheme through companies including HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, and SHICL. 'The funds were managed in an unregulated manner without depositor oversight, maturity proceeds were not repaid, and books were manipulated to camouflage such non-repayments,' the agency stated. Investigators claim the group continued to collect fresh deposits despite financial incapacity, diverting funds for questionable share transactions, benami asset creation, and personal expenses. 'Despite financial incapacity, the group continued to collect deposits, part of which was siphoned off for dubious share transactions, creation of benami assets and personal expenses,' the ED added. During Monday's raids, officials claimed to have seized incriminating documents and records, and recorded statements from key individuals. The agency has previously issued three provisional attachment orders in the case, freezing 707 acres in Amby Valley valued at nearly Rs 1,460 crore, 1,023 acres in Sahara Prime City Ltd worth Rs 1,538 crore, and movable assets belonging to Chandni Roy, wife of Sahara Group's Seemanto Roy, valued at Rs 14.75 crore.
Time of India
12-08-2025
- Business
- Time of India
Laundering: ED searches nine Sahara-linked assets in 4 cities
NEW DELHI: In fresh action against the Sahara Group, ED on Monday searched nine premises in Ghaziabad, Lucknow, Sriganganagar and Mumbai in a money laundering case linked to land and share transactions of group entities. Tired of too many ads? go ad free now The enforcement agency has so far attached assets worth thousands of crores, including 707 acres in Amby Valley valued at over Rs 1,460 crore, 1,023 acres in Sahara Prime City worth Rs 1,538 crore, and movable assets of Chandni Roy, wife of Seemanto Roy, worth Rs 14.8 crore. Two top executives are in jail, while promoter Subrata Roy's sons are abroad. "Incriminating documents were seized and statements of key people recorded," ED said. The case is based on FIRs in Odisha, Bihar and Rajasthan against Humara India Credit Cooperative Society Ltd and others, part of over 500 FIRs filed against Sahara entities. ED alleged Sahara ran a Ponzi scheme through multiple companies, luring depositors with high returns and agents with commissions, coercing redeposits, misrepresenting repayments, siphoning funds, and denying depositors' dues.
Economic Times
12-08-2025
- Business
- Economic Times
ED raids nine places in UP, Maharashtra and Rajasthan in money laundering case against Sahara group
Synopsis The Enforcement Directorate (ED) has intensified its investigation into the Sahara Group, conducting searches across Uttar Pradesh, Rajasthan, and Maharashtra. These actions are linked to a money laundering case involving alleged cheating of depositors through Ponzi schemes operated by Sahara entities. ANI Representative image. The Enforcement Directorate (ED) has searched nine premises across Uttar Pradesh, Rajasthan and Maharashtra in connection with a money laundering case against the Sahara group, the agency said on Tuesday. ED's Kolkata zonal office conducted the searches at the premises of suspects located at Uttar Pradesh's Ghaziabad and Lucknow; Rajasthan's Sri Ganganagar; and Maharashtra's Mumbai on August 11 under the Prevention of Money Laundering Act (PMLA), 2002. "Entities searched were related to various land and share transactions with entities of the Sahara group," said the ED in a initiated an investigation based on three First Information Reports (FIRs) registered under Sections 420 and 120B of the Indian Penal Code, 1860, against Humara India Credit Cooperative Society Ltd (HICCSL) and others by police in Odisha, Bihar, and Rajasthan. Over 500 FIRs have been registered against various Sahara Group entities, with more than 300 involving scheduled offences under the PMLA, alleging large-scale cheating of depositors through forced redeposits and denial of maturity payments. ED investigation revealed that "Sahara group was operating a Ponzi scheme through entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, SHICL, and others by luring depositors and agents with promises of high returns and commissions." "The funds were managed in an unregulated manner without depositor oversight, maturity proceeds were not repaid, instead reinvested under coercion or misrepresentation, and books were manipulated to camouflage such non-repayments," said the federal financial incapacity, ED stated that the group continued to collect fresh deposits, part of which was "siphoned off for dubious share transactions, creation of benami assets and personal expenses." "Assets of the group were also sold for partial cash payments, further denying rightful claims of depositors. During the search, incriminating documents and records were seized and statements of key persons were recorded," it further pointed out. Earlier, the agency said, three provisional attachment orders in the instant case have been issued attaching 707 acres of land having approximate market value of Rs 1,460 crore in Amby Valley; 1,023 acres of land having approximate value of Rs 1,538 crore in Sahara Prime City Ltd and movable assets of Chandni Roy, wife of Seemanto Roy, worth Rs 14.75 crore. Further, ED had earlier arrested Anil Vailaparampil Abraham, Executive Director of the Sahara group chairman's Core Management (CCM) Office, and Jitendra Prasad Verma, a long-time associate and property broker of the Sahara group. They remain in judicial custody.
News18
12-08-2025
- Business
- News18
ED conducts fresh searches in case against Sahara Group
New Delhi, Aug 12 (PTI) Fresh searches have been conducted in multiple states as part of a money laundering investigation against the Sahara Group, the Enforcement Directorate (ED) said on Tuesday. A total of nine premises located in Ghaziabad and Lucknow in Uttar Pradesh, Sriganganagar in Rajasthan and Mumbai were raided on Monday under the provisions of Prevention of Money Laundering Act (PMLA). 'Entities searched were related to various land and share transactions with entities of Sahara Group," the federal probe agency said in a statement. It added that 'incriminating" documents and records were seized and statements of key persons were recorded during the searches. The money laundering case stems from three police FIRs registered against Humara India Credit Cooperative Society Ltd. (HICCSL) and others in Odisha, Bihar and Rajasthan. Over 500 FIRs have been registered against various Sahara Group entities, with more than 300 involving scheduled offences under the PMLA, alleging large-scale 'cheating" of depositors through 'forced re-deposits" and 'denial" of maturity payments, according to the ED. The agency alleged that the Sahara Group was operating a 'Ponzi scheme" through HICCSL and multiple other entities by 'luring" depositors and agents with promises of high returns and commissions. The funds were managed in an 'unregulated" manner without depositor oversight, maturity proceeds were not re-paid instead re-invested under coercion or misrepresentation, and books were 'manipulated " to camouflage such non-repayments, it said. 'Despite financial incapacity, the group continued to collect fresh deposits, part of which was siphoned off for dubious share transactions, creation of benami assets and personal expenses etc. 'Assets of the group were also sold for partial cash payments, further denying rightful claims of depositors," as per the agency's findings. The ED has attached three assets in this case till now–707 acres of land in Amby Valley bearing market value of Rs 1,460 crore, 1,023 acres land in Sahara Prime City worth Rs 1,538 crore and movable assets worth Rs 14.75 crore of Late Sahara Group chief Subrata Roy Sahara's daughter-in-law Chandni Roy (wife of Seemanto Roy). Subrata Roy Sahara died at the age of 75 in 2023. The ED has arrested two persons– Vailaparampil Abraham, an executive director of Sahara Group's chairman core management team and Jitendra Prasad Verma, a long-time associate of the Sahara group cum property broker– as part of this investigation. They are currently lodged in jail under judicial custody. PTI NES ZMN view comments First Published: August 12, 2025, 22:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
