Sahara Group Under the Scanner in Alleged Ponzi Scheme: ED Attaches 1,730 Acres Property Worth ₹3,012 Cr Assets
ED alleges Sahara withheld maturity proceeds, forcing redeposits, and misused fresh deposits for dubious deals, benami assets, and personal expenses.
The EnforcementDirectorate (ED) has intensified its investigation into the Sahara Group over allegations of running a large-scale Ponzi scheme, conducting recent searches across Ghaziabad, Lucknow, Sriganganagar and Mumbai under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Conducted by the Kolkata Zonal Office on 11 August 2025, the raids primarily...
The EnforcementDirectorate (ED) has intensified its investigation into the Sahara Group over allegations of running a large-scale Ponzi scheme, conducting recent searches across Ghaziabad, Lucknow, Sriganganagar and Mumbai under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
Conducted by the Kolkata Zonal Office on 11 August 2025, the raids primarily targeted land and share transactions linked to several Sahara Group entities.
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The probe stems from three First Information Reports (FIR) registered in Odisha, Bihar and Rajasthan against Humara India Credit Cooperative Society Ltd. (HICCSL) and others under Sections 420 and 120B of the Indian Penal Code, along with over 500 additional FIRs nationwide. More than 300 of the registered FIRs involve scheduled offences under the PMLA.
The complaints allege that Sahara entities including HICCSL, Sahara Credit Cooperative Society Ltd (SCCSL), Sahara Universal Multipurpose Society Ltd (SUMCS), Sahara Multipurpose Cooperative Society Ltd (SMCSL), Sahara India Commercial Corporation Ltd (SICCL), Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) collected vast sums from depositors and agents with promises of high returns and commissions, while managing funds without any regulatory oversight.
According to ED, maturity proceeds were frequently withheld and forcibly redeposited under coercion or misrepresentation. Despite being financially incapable of repayment, the group allegedly continued collecting fresh deposits, diverting funds into dubious share transactions, benami assets and personal expenses. Some assets were reportedly sold for partial cash payments, depriving depositors of their dues.
During the latest searches, the ED seized incriminating documents, records and statements from key individuals.
In earlier actions, three Provisional Attachment Orders were issued attaching 707 acres of land in Amby Valley worth ₹1,460 crore; 1,023 acres of land in Sahara Prime City Ltd worth ₹1,538 crore and movable assets worth ₹14.75 crore belonging to Chandni Roy, wife of Seemanto Roy, son of the late Subrata Roy, founder and former chairman of the Sahara India Pariwar conglomerate.
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The ED has also arrested Anil Vailaparampil Abraham, Executive Director in Sahara’s Chairman Core Management Office and Jitendra Prasad Verma, a long-time associate and property broker; both remain in judicial custody pending progression of the investigation.
The ongoing probe follows a Supreme Court order dated 29 March 2023 directing that ₹5,000 crore from the 'Sahara-SEBI Refund Account' be disbursed to legitimate depositors of the Sahara cooperative societies. As of January 2025, ₹2,025.75 crore had been distributed to over 1.16 million depositors under the supervision of former Supreme Court judge Justice R Subhash Reddy, assisted by advocate Gaurav Agarwal as amicus curiae.
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