Sahara Group’s Aamby Valley Land Seized: A Shocking Rs 1,460 Crore Controversy

The Enforcement Directorate (ED) in Kolkata has taken a significant step in its probe against the Sahara Group by provisionally attaching 707 acres of land valued at an estimated Rs. 1,460 crore near Aamby Valley City, Lonavala. This action is part of a broader investigation into alleged money laundering, where the land was reportedly acquired through benami transactions funded by diverted funds from Sahara Group entities.

This investigation stems from three FIRs lodged by police in Odisha, Bihar, and Rajasthan, accusing Sahara of orchestrating a Ponzi scheme. Over 500 FIRs have been filed against the group’s entities, with more than 300 tied to violations under the Prevention of Money Laundering Act (PMLA), 2002. Allegations include deceiving depositors by enticing them with high returns and forcing them to re-invest without consent.

The ED’s findings reveal a systematic effort by Sahara to manipulate their financial records, presenting reinvestments as fresh investments, thus misleading depositors about their rightful claims. The group continued to accept new deposits while failing to meet existing repayment obligations, creating a tangled web of financial deceit. In the course of the investigation, unexplained cash totaling Rs. 2.98 crore has been seized, highlighting the scale of the alleged misconduct. The inquiry underscores the ongoing battle against financial fraud in India.