The Enforcement Directorate (ED) seized approximately Rs 3 crore in cash during searches against the Kolkata-based cooperative society Hamara India and the Sahara group.The action is part of an ongoing money laundering probe concerning the alleged defrauding of investors to the tune of Rs 24,000 crore.
The searches were conducted in Kolkata, Lucknow, and Mumbai. It did not specify when these searches were carried out. According to an ED official statement, during the operation, incriminating documents, including books of account and digital devices from Humara India and other Sahara Group entities, were seized along with proceeds of crime worth Rs 2.98 crore in cash.
The money laundering investigation stems from FIRs registered by the Odisha, Bihar, and Rajasthan police against the Humara India Credit Cooperative Society, Sahara India Group companies, and associated persons.
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The society collected more than Rs 24,000 crore from over one crore investors and depositors by promising them high returns. Subsequently, the society failed to refund the maturity amount even after the due maturity date, the ED alleged.
The ED also alleged that the funds generated by the society were transferred to several Sahara Group entities, including Aamby Valley City Limited. These proceeds of crime are being traced, it said.
