ED Cracks Down on Humara India Credit Cooperative Society: Seizes Rs 2.98 Cr in Multiple States

The Enforcement Directorate has confiscated Rs 2.98 crore and incriminating documents in raids across West Bengal, Uttar Pradesh, and Maharashtra, linked to a money laundering case involving Humara India Credit Cooperative Society and Sahara Group entities.

The Enforcement Directorate (ED) has seized Rs 2.98 crore in cash and some incriminating documents during raids in West Bengal, Uttar Pradesh, and Maharashtra as part of a money laundering case involving Humara India Credit Cooperative Society, the agency announced on Thursday. The seized documents include books of account and digital devices from Humara India and other Sahara Group entities.

ED's Kolkata Zonal Office executed the search operations under the Prevention of Money Laundering Act (PMLA), 2002, targeting the premises of suspects in Kolkata, Uttar Pradesh's Lucknow, and Maharashtra's Mumbai. The investigation was initiated based on various First Information Reports (FIRs) filed by the Bihar Police, Rajasthan Police, and Odisha Police against Humara India Credit Cooperative Society, Sahara India Group companies, and associated persons.

According to the ED, the Society collected over Rs 24,000 crore from more than one crore investors and depositors with promises of high returns but failed to refund the maturity amounts. The agency further revealed that the Proceeds of Crime (PoC) generated were transferred to several Sahara group entities, including Ambay Valley City Limited, and these funds are currently being traced.