New Delhi, April 24 (IANS) The Enforcement Directorate (ED), Kolkata Zonal Office, has taken significant action in a case involving Sahara Prime City Limited by provisionally attaching 1,023 acres of land valued at nearly Rs 1,538 crore, based on 2016 circle rates.

The attached properties, spread across 16 cities in India, were allegedly purchased under “benami” using funds diverted from Sahara entities.

These properties are located in areas such as Anand, Bhubaneswar, Hubli-Dharwad, Jaipur, Jammu, Mysore, among others.

Lands purchased under benami names using funds diverted from Sahara entities have now been attached across 16 cities in India.

These lands, spanning a total area of 1,023 acres, showcase diverse locations and projects.

Among them, 22.8 acres are situated along the Jitodia-Borsad Road in the villages of Mogri and Vanskhalia in Anand, Gujarat.

Bhubaneswar 2.76 acre, Sindhudurg (Maharashtra) 30.4 acre, Hubli-Dharwad (Karnataka) 123.5 acre, Jaipur 61.7 acre, Jammu 115.1 acre, Mysore 73.8 acre, Roorkee (Uttarakhand) 51.3 acre encompassing villages of Malakpu Latifpur, Kanhapur Mustahakam, Kanhapur Ahtamal, and Sherpur.

Shimoga (Karnataka) 29.9 acre, Solapur (Maharashtra) 125.5 acre, Lalitpur (Uttar Pradesh) 6.63 acre, Lucknow 107.6 acre across Aloonagar Diguriya, Ghaila, and Narharpur villages.

Berhampur (Odisha) 2.4 acre, Bikaner (Rajasthan) 168.5 acre and another 80 acre in Ridmalsar Purohitan village and Moradabad (Uttar Pradesh) 21.6 acre.

These properties represent extensive investments and diverse geographical distributions, forming a key part of ongoing investigations into Sahara entities’ financial operations.

The ED began its investigation following the registration of three FIRs under Sections 420 and 120B of the IPC (Indian Penal Code) against Humara India Credit Co-operative Society Ltd. (HICCSL) and others by police in Odisha, Bihar and Rajasthan.

More than 500 FIRs have been lodged against Sahara Group entities, with over 300 involving offences listed under the Prevention of Money Laundering Act (PMLA), 2002.

Allegations include depositors being coerced into re-depositing funds, denied maturity payments, and cheated into schemes with false promises of high returns and commissions.

The Sahara Group is accused of operating a Ponzi scheme through entities like HICCSL, Sahara Credit Cooperative Society Limited, Sahara India Real Estate Corporation Ltd, and others.

Investigations revealed irregularities such as misappropriation of collected funds, manipulation of account books to conceal non-repayments, and the creation of “benami” assets.

Funds were also diverted for personal luxuries and undisclosed cash transactions.

The ED revealed that assets were sold in cash without the knowledge of depositors, depriving them of rightful claims.

During searches conducted under Section 17 of the PMLA, Rs 2.98 crore in cash was seized.

Earlier, 707 acres of land in Amby Valley, valued at Rs 1,460 crore, were also provisionally attached in connection with the case.

The ED’s actions shed light on the systematic exploitation by Sahara entities and the gravity of the alleged offences.

Statements from depositors, agents, and employees have been recorded, and investigations continue to ensure accountability and justice for those affected.

This development marks another chapter in the ongoing scrutiny of Sahara Group’s financial practices.

–IANS

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