Aamby Valley City, developed by the Sahara group in the early 2000s, is situated in the Sahyadri mountain range in Pune district. Promoted as India’s first planned hill city, it features premium infrastructure such as an airstrip, helipads, golf courses, artificial lakes, villas, chalets, and cottages. Despite its grandeur, the project has faced legal and financial complications over the years, primarily due to alleged diversion of investor funds and tax violations.

The ED’s Kolkata office issued the provisional attachment order under the Prevention of Money Laundering Act (PMLA). The investigation was triggered by three separate cheating cases registered against Humara India Credit Co-operative Society (HICCSL) in Odisha, Bihar, and Rajasthan. Further scrutiny revealed over 500 FIRs against Sahara-linked entities, with more than 300 involving money laundering offences.

The ED found that the Sahara group had raised around Rs 240 billion from over 10 million investors through HICCSL and other firms. These funds were misused, with depositors and agents misled by promises of high returns and commissions. Rather than repaying matured deposits, the group allegedly encouraged reinvestment in alternate schemes, while manipulating financial records to obscure the transactions.

Part of the misappropriated funds was used to create benami properties and support the personal expenses of certain individuals. Additionally, cash transactions were involved in the disposal of some assets. The ED has recorded multiple statements and seized nearly Rs 30 million during earlier searches conducted in Mumbai, Kolkata, and Lucknow.

News source: Hindustan Times