ED Seizes Rs 3 Crore in Major Money Laundering Probe Against Sahara Group

The Enforcement Directorate (ED) seized approximately Rs 3 crore in cash during searches against the Kolkata-based cooperative society Humara India and the Sahara Group related to a money laundering case involving Rs 24,000 crore. The searches, conducted in Kolkata, Lucknow, and Mumbai, uncovered incriminating documents and digital devices.

The Enforcement Directorate (ED) announced on Thursday that it has seized about Rs 3 crore in cash following searches targeting a Kolkata-based cooperative society and the Sahara Group. The action is part of an ongoing money laundering probe concerning the alleged defrauding of investors to the tune of Rs 24,000 crore.

According to an ED statement, the raids on Humara India Credit Cooperative Society Ltd. were conducted in Kolkata, Lucknow, and Mumbai. However, the exact dates of these searches were not disclosed.

During the raids, the agency confiscated incriminating documents, including books of account and digital devices from Humara India and other Sahara Group entities. Additionally, cash amounting to Rs 2.98 crore along with other proceeds of crime were seized.

The investigation is based on FIRs lodged by police in Odisha, Bihar, and Rajasthan against the Humara India Credit Cooperative Society and Sahara India Group companies. Allegedly, the society amassed Rs 24,000 crore from over one crore investors by promising high returns but failed to return the maturity amount upon due dates, said the ED.

The funds collected by the society were purportedly transferred to several Sahara Group entities, including Aamby Valley City Limited. These proceeds of crime are currently being traced, the agency added.

(With inputs from agencies.)