Enforcement Directorate Cracks Down on Sahara Group Money Laundering Case
In a major update from Kolkata, the Enforcement Directorate (ED) has uncovered shocking details about how Sahara Group allegedly sold off assets bought with public money through secret cash deals. The agency dropped a bombshell charge sheet on September 6 in a special Prevention of Money Laundering Act (PMLA) court, pointing fingers at two key players in the Sahara Group money laundering scandal.
The accused? Anil V Abraham, a top executive director in Sahara’s core team, and Jitendra Prasad Verma, a longtime property broker linked to the group. Both are already behind bars after ED arrested them, and they’re now facing charges alongside other individuals and companies. ED’s statement reveals that investigations showed these two worked hand-in-glove with others to quietly offload Sahara properties—assets funded by deposits from everyday investors. They handled everything from planning to closing these shady transactions, all in cash to dodge the radar.
This money laundering probe kicked off after police filed over 500 FIRs against Sahara entities, including Humara India Credit Cooperative Society Ltd (HICCSL). The complaints painted a grim picture: Sahara Group allegedly ran a massive Ponzi scheme, tricking depositors with forced redeposits and refusing to pay out maturity amounts. Thousands of innocent people lost their hard-earned savings in what looks like large-scale cheating.
Meanwhile, relief is on the way for victims. On September 12, the Supreme Court stepped in and ordered the release of Rs 5,000 crore from the over Rs 24,000 crore Sahara deposited with SEBI. This cash will go toward repaying dues to depositors of Sahara Group of Cooperative Societies. The court also pushed back the deadline for another Rs 5,000 crore payout—from December 31, 2025, to December 31, 2026—following a 2023 order that greenlit funds for genuine claimants.
The money will move from the SEBI-Sahara refund account to the Central Registrar of Cooperative Societies, who’ll verify and distribute it to rightful owners. Former Supreme Court judge R Subhash Reddy will oversee the transfer, which must happen within a week, sticking to the 2023 guidelines.
As the Sahara Group fraud case unfolds, ED’s actions highlight the ongoing fight against money laundering in India. Investors affected by the Sahara scam can now hope for some justice and refunds, but the full story of these hidden asset sales is still coming to light. Stay tuned for more updates on this high-stakes investigation.
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