ED seized Sahara Group’s Aamby Valley project, which was worth crores. On Thursday, the Enforcement Directorate (ED)attached a massive property of 707 acres in Aamby Valley in Maharashtra, which the agency said was worth the value of ₹1,460 crore, as part of its investigation in the Sahara Group case. This provisional attachment was executed under the Prevention of Money Laundering Act (PMLA) during investigations led by the ED into alleged financial misdemeanours and illicit transactions relating to the Sahara Group and entities belonging to it.
Benami Transactions and Funds Misuse: ED Seized Sahara Group’s Aamby Valley Project
According to the ED, the money that was used to purchase the assets in the name of proxy persons was diverted from the Sahara Group businesses, and hence, the Aamby Valley land was acquired through benami deals. This property in the picturesque hills of Lonavala was allegedly a small, yet vital part of a larger gang of Sahara Group that misutilised the money invested by people, putting a question over the transparency and legality of Sahara Group.
The Ponzi Scheme Behind PRS Group and the Rise of Warehouse Data
The probe also revealed a huge Ponzi scheme operated by Sahara Group under different entities like Humara India Credit Cooperative Society Ltd (HICCSL), Sahara Credit Cooperative Society, and Saharayn Universal Multipurpose Cooperative Society. They seem to have enticed depositors with bonds disguised as high-return investment contracts paying commissions, so that by delaying payment and re-issuing investment contracts, they could effectively keep them trapped in a spiral of re-investment. According to the ED, Sahara updated its accounting books to hide the defaults and continued to accept fresh deposits despite being unable to pay back existing depositors.
Seizures and Further Investigation
During the probe, the ED seized ₹2.98 crore in unaccounted cash and questioned several people linked to the Sahara Group. These are depositors, agents and employees, all of whom have provided critical details about the group’s financial malfeasance. The ED’s action of attaching the Aamby Valley property and its continuing investigations of Mr. Patkar and others sends a strong message that nobody is above the law, and that the interests of the defrauded investors will prevail.
Also Read:
Gramin Teacher Bharti 2025: A Golden Chance for Teaching Career
Post Office RD Scheme 2025: Only ₹100 to Secure Your Future
PAN Card 2.0 – How to Get PAN Card 2.0 in 15 Minutes by Applying Online
1 thought on “ED Seized Sahara Group’s ₹1,460 Crore Worth of Benami Land”