The Enforcement Directorate on Wednesday mentioned it has hooked up recent belongings value greater than Rs 1,500 crore as a part of a money-laundering investigation towards the Sahara Group.
A provisional order was issued by the federal probe company beneath the Prevention of Cash Laundering Act (PMLA) to connect a complete of 1,023 acres of land of Sahara Prime Metropolis Restricted in 16 cities.
The whole worth of those plots is Rs 1,538 crore (in accordance with the 2016 circle price). These items of land have been bought by ‘benami’ transactions, with the funds ‘diverted’ from Sahara entities, the company mentioned in an announcement.
These items of land are situated in Gujarat, Odisha, Maharashtra, Karnataka, Rajasthan, Jammu and Kashmir and Uttar Pradesh, the assertion mentioned.
Final week, the ED hooked up 707 acres of land in Amby Valley, situated in Maharashtra’s Lonavala, value Rs 1,460 crore (market worth).
The cash-laundering case stems from greater than 500 FIRs filed by varied state police departments.
Three FIRs registered towards Humara India Credit score Cooperative Society Restricted (HICCSL) and others by police in Odisha, Bihar and Rajasthan, aside from greater than 500 such complaints filed towards Sahara Group entities and associated individuals, have been analysed by the ED.
The company alleged that the Sahara Group was operating a ‘Ponzi’ scheme by varied entities, comparable to HICCSL, Sahara Credit score Cooperative Society Restricted (SCCSL), Saharayn Common Multipurpose Cooperative Society (SUMCS), Stars Multipurpose Cooperative Society Restricted (SMCSL), Sahara India Industrial Company Restricted (SICCL), Sahara India Actual Property Company Restricted (SIRECL), Sahara Housing Funding Company Restricted (SHICL) and different group entities.
“The group has cheated the depositors and brokers by alluring them with excessive returns and commissions respectively, and utilised the funds collected in a non-regulated method with none data or management of the depositors,” the ED mentioned.
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