ED Seizes Sahara’s ₹1,460 Cr Aamby Valley Land in Money Laundering Probe
The Enforcement Directorate (ED) has provisionally attached 707 acres of land in and around Aamby Valley City, Lonavala, valued at approximately ₹1,460 crore. This seizure is part of an ongoing money laundering investigation into the Sahara Group’s financial operations, which allegedly involved large-scale misuse of investor funds. The land was reportedly acquired through benami transactions using money collected from the public through various fraudulent schemes.
Uncovering the Ponzi Scheme
The ED found that multiple Sahara Group entities had been operating in violation of financial regulations. Companies such as Sahara Credit Cooperative Society, Humara India Credit Cooperative Society, Saharayn Universal Multipurpose Cooperative Society, and others were found to be collecting public deposits by offering high interest rates and commissions. These companies failed to return maturity amounts while continuing to collect new deposits—an operation that fit the pattern of a Ponzi scheme.
Manipulative practices included showing reinvestments as fresh deposits and using new investor funds to repay earlier ones. This circular method masked the true financial health of these entities and misled thousands of unsuspecting depositors. The investigation also uncovered that some of the funds were used to create personal assets and finance luxurious lifestyles.
Misuse of Funds and Legal Proceedings
Funds were diverted for the purchase of properties in others’ names, and certain real estate sales were completed with large portions of payment received in unaccounted cash. Meanwhile, depositors were denied repayments, and promises made by the company were left unfulfilled. The agency’s probe also revealed that company employees and agents had knowingly participated in perpetuating the fraud.
The ED’s investigation stems from multiple FIRs filed in different states under sections related to criminal conspiracy and cheating. Over 500 complaints have been registered against Sahara entities, many of which fall under the offences listed in the Prevention of Money Laundering Act (PMLA). The agency has also recorded testimonies from depositors, agents, and company insiders, while recent searches yielded ₹2.98 crore in unexplained cash.
Conclusion
The attachment of Aamby Valley land represents a significant milestone in the crackdown on Sahara Group’s financial irregularities. The ED’s action not only aims to recover the misappropriated public funds but also serves as a warning against large-scale Ponzi operations that operate under the guise of cooperative investment schemes. With ongoing legal action and asset recovery, authorities are taking firm steps to ensure justice for defrauded investors.
