ED Cracks Down on Sahara Group: Secret Cash Deals Exposed in Money Laundering Case
Kolkata’s Enforcement Directorate (ED) has dropped a bombshell in the ongoing Sahara Group money laundering probe. On Monday, the agency revealed that several Sahara properties—bought using money from public deposits—are being sold off secretly through massive cash transactions. This comes hot on the heels of a charge sheet filed in a special Prevention of Money Laundering Act (PMLA) court on September 6.
The ED’s complaint points fingers at two key players: Anil V Abraham, an executive director in Sahara’s core team, and Jitendra Prasad Verma, a longtime property broker linked to the group. Both are already behind bars in judicial custody after their arrests. According to the ED, they teamed up with others to handle the shady sales, coordinating everything from deals to transfers of these valuable assets.
"We filed the prosecution complaint under Section 44 of PMLA just 60 days after arresting Verma and Abraham," the ED stated. "Investigations show they played a big role in offloading Sahara Group properties acquired from public funds, all through hidden cash deals."
This money laundering case stems from over 500 FIRs against Sahara entities, including Humara India Credit Cooperative Society Ltd (HICCSL). Police complaints accused the group of running a massive Ponzi scheme, tricking depositors with forced redeposits and refusing to pay out maturity amounts. Thousands of innocent investors got duped, losing their hard-earned money.
In a major relief for victims, the Supreme Court stepped in on September 12. It greenlit the release of Rs 5,000 crore from the over Rs 24,000 crore Sahara deposited with SEBI. This cash will go towards repaying dues to Sahara Group of Cooperative Societies depositors. 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.
The funds will move from the SEBI-Sahara refund account to the Central Registrar of Cooperative Societies. They’ll scrutinize claims and disburse to genuine depositors, all under the watch of former Supreme Court judge R Subhash Reddy. The transfer must happen within a week, sticking to the court’s earlier guidelines.
As the ED digs deeper into Sahara Group’s alleged scams, investors are hoping for quicker justice. Stay tuned for updates on this high-stakes money laundering investigation.
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