The Enforcement Directorate (ED) has intensified its investigation into the Sahara Group with recent raids conducted across multiple states in India. On Tuesday, August 12, 2025, the ED's Kolkata Zonal Office executed search operations at nine premises linked to the Sahara Group, spanning Uttar Pradesh, Maharashtra, and Rajasthan. The raids targeted locations in Ghaziabad, Lucknow, Sri Ganganagar, and Mumbai.
This action is part of an ongoing money laundering probe against the Sahara Group, focusing on a suspected Ponzi scheme. The investigation revolves around entities such as Humara India Credit Cooperative Society Ltd. (HICCSL) and others, with over 500 FIRs filed against various groups. These FIRs cite more than 300 alleged offenses related to cheating depositors through forced redeposits and denial of maturity payments, potentially violating money laundering regulations.
The ED's investigation suggests that the Sahara Group operated a Ponzi scheme through entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, and SHICL. These entities allegedly lured depositors and agents with promises of high returns and commissions. The funds were reportedly managed without proper oversight, and maturity proceeds were reinvested under coercion or misrepresentation. Manipulated financial records allegedly camouflaged these non-repayments. Despite financial difficulties, the group allegedly continued to collect fresh deposits, diverting portions for dubious share transactions, benami assets, and personal expenses. The ED also noted instances of asset sales with partial cash payments.
During the searches, the ED seized incriminating documents and records, and recorded statements from key individuals. Previously, the ED issued attachment orders confiscating 707 acres of land in Amby Valley (valued at approximately Rs. 1460 crore), 1023 acres of land in Sahara Prime City Ltd (valued at approximately Rs. 1538 crore), and movable assets belonging to Chandni Roy, wife of Seemanto Roy (worth Rs. 14.75 crore).
The ED had previously arrested Anil Vailaparampil Abraham, an executive director at Sahara Group's Chairman Core Management (CCM) Office, and Jitendra Prasad Verma, a long-time associate and property broker of the Sahara Group.
