look news india
New Delhi: The Enforcement Directorate has attached the 707 -acre Ambi Valley City and its surrounding areas in Lonavala, Maharashtra, under the money laundering investigation against the Sahara Group, priced at Rs 1,460 crore.
The region is located 110 km from Mumbai and 90 km from Pune. The investigating agency said in a statement that an provisional order was issued by the ED’s Kolkata Office to attach the Ambi Valley City under the Money Prevention Act (PMLA).
The ED further said that this land was purchased by benami names and this amount was withdrawn from the units of the Sahara Group.
The agency has said that in the case of Sahara India and its group institutions, market priced properties of Rs 1,460 crore have been attached to Ambi Valley City, Lonavala and its surrounding areas.
This money laundering case has been registered on the basis of more than 500 FIRs registered by various state police departments.
Odisha, Bihar and Rajasthan Police registered three FIRs under IPC, Section 420 of 1860 and 120B against our India Credit Cooperative Society Limited (HICCSL) and others.
The ED investigation has revealed that Sahara Group was running a variety of Ponzi schemes. This Ponzi scheme was being run through many different companies. These include HICCSL, Sahara Credit Cooperative Society Limited (SCCSL), Saharan Universal Multiper Cooperative Society (SUMCS), Stars Multipurk Cooperative Society Limited (SMCSL) etc.