In a major crackdown on financial irregularities, the Enforcement Directorate (ED) conducted coordinated raids across Odisha, Andhra Pradesh, and Karnataka targeting Sahara Prime City and its officials in the ongoing Sahara land case. The operations, carried out on February 2, yielded critical electronic evidence that could unravel deeper layers of the alleged fraud.
ED’s Kolkata Zonal Office spearheaded the searches in key locations including Anantapur in Andhra Pradesh, Ballari in Karnataka, and Bhubaneswar and Berhampur in Odisha. Investigators seized WhatsApp communications, contact lists, call records, financial ledgers, account books, and several incriminating documents. Statements from multiple individuals were also recorded under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002.
The Berhampur raids zeroed in on the fraudulent sale of approximately 32 acres out of a 43-acre plot owned by Sahara Prime City Limited. Probe revealed this land was illegally sold in December 2023 to a Sahara employee, flouting a canceled board resolution and Supreme Court guidelines. The transaction, allegedly directed by Sahara Group’s senior management, showed a glaring discrepancy between the declared sale price and the property’s market value.
This action stems from broader investigations into Hamara India Credit Cooperative Society Limited (HICCSL) and affiliates, initiated based on FIRs under IPC Sections 420 (cheating) and 120B (criminal conspiracy). Over 500 FIRs have been filed against various Sahara entities, with more than 300 linked to PMLA violations involving massive investor fraud through forced reinvestments and maturity payment denials.
ED’s findings paint a picture of a classic Ponzi scheme operated by the group, where depositor funds were mismanaged without oversight, diverted for benami properties, loans, and personal use instead of repayments. Liabilities were shuffled between companies without commercial logic, leading to insurmountable debts on four cooperative societies. Despite cash crunches, fresh deposits were aggressively collected, ballooning dues with hefty interest far beyond principal amounts.
Previously, ED issued five provisional attachment orders for Sahara lands, including benami assets. Three individuals—Anil Velaparmpil, Abraham, and OP Srivastava—remain in judicial custody after arrests. One chargesheet and a supplementary chargesheet have been filed, signaling intensified pursuit of justice for defrauded depositors.