Latest news with #SaharaGroup
Indian Express
6 days ago
- 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
6 days ago
- 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.
News18
6 days ago
- 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.
New Indian Express
26-07-2025
- Business
- New Indian Express
Case registered against Sahara Group chief Subrata Roy, family for embezzling Rs 72.82 crore from MP land sales
BHOPAL: Six months after launching an investigation into alleged irregularities in the sale of Sahara Group's land in multiple Madhya Pradesh cities, the state's Economic Offences Wing (EOW) registered a case on Friday against Sahara Group companies and top officials, accusing them of cheating and criminal conspiracy. Those named in the FIR registered under Sections 420 and 120B of the Indian Penal Code (IPC) include Sahara India, Sahara Prime City Limited, Seemanto Roy (Corporate Control Management), JB Roy (DGM-DMW), OP Srivastava (Deputy Managing Worker), and others. Two of the accused named in the FIR – Seemanto Roy and JB Roy – are the son and brother respectively of Sahara India Parivar's late chairman, Subrata Roy. Investigations by the state's economic offence watchdog have allegedly revealed that the Sahara Group embezzled Rs 72.82 crore from the sale of over 500 acres of land in five districts of Madhya Pradesh, including the state capital Bhopal, Jabalpur, Katni, Sagar, and Gwalior. The probe also allegedly found that the Sahara Group wilfully violated Supreme Court directives issued in 2012, 2014, and 2016. The company is accused of transferring Rs F72.82 crore from the sale of these assets to other accounts, instead of depositing the proceeds in the SEBI-Sahara Refund Account, which was established for refunding lakhs of small investors across India.
Indian Express
14-07-2025
- Business
- Indian Express
ED arrests top executive of Sahara Group, broker in money laundering case
The Enforcement Directorate (ED) on Sunday said that it has arrested Anil Vailaparampil Abraham, Executive Director of Sahara Group's Chairman Core Management (CCM) Office, and Jitendra Prasad Verma, a long-time associate and property broker of the Sahara Group, from Kolkata in a case of money laundering involving Sahara India and its group entities. According to ED officials, Abraham played a 'key role' in coordinating and facilitating the sale of Sahara Group properties, many of which involved substantial unaccounted cash components that were siphoned off. 'Verma was actively involved in executing several of these property transactions and knowingly assisted in routing large cash proceeds generated from these sale transactions, thereby contributing to the concealment and dissipation of Proceeds of Crime (POC),' the ED official stated. According to the ED, 'incriminating documents' were recovered during the search operations. 'Such evidence suggested that the properties of the Sahara Group were being disposed of one by one in a clandestine manner. It was also found from the various digital evidence that these two persons — Abraham and Verma — had played a key role in the disposal of such properties and assisting the promoters of Sahara Group in siphoning off the funds,' said the official, adding the promoters were found to be involved while remaining outside India. Abraham and Verma were produced before a court on Saturday and sent to ED custody till July 14. The ED began its probe after over 500 FIRs were 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. The ED found 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. 'Despite financial incapacity, the group continued to collect fresh deposits, part of which was siphoned off for benami assets and personal expenses,' the ED said.
