Fresh momentum gripped the Sahara Prime City investigation as ED teams raided multiple sites in Odisha, Andhra Pradesh, and Karnataka. The February 2 operations, detailed in an official statement, netted electronic evidence pivotal to dismantling the group’s money laundering network.
Kolkata Zonal teams hit Anantapur (AP), Ballari (Karnataka), Bhubaneswar, and Berhampur (Odisha), grabbing WhatsApp data, call records, financial books, and objectionable papers. PMLA Section 17 facilitated on-site statements from key figures.
At Berhampur’s epicenter, ED uncovered the illicit sale of 32 acres from a 43-acre holding. Breaching Supreme Court norms and a nullified board resolution, the December 2023 transfer to a group insider was greenlit by senior executives, with sale figures suspiciously below market rates.
Building on FIRs under IPC 420 and 120B against HICCSL et al., the agency links this to 500+ FIRs, over 300 PMLA cases of depositor fraud. Sahara ran a Ponzi operation: unregulated fund handling, reinvestment over repayment, accounting fudges, inter-company liability dumps.
Cash-strapped yet deposit-hungry, the group amassed dues dwarfing principals via interest. Diverted funds fueled benami assets and personal gains, starving legitimate claimants. Five attachment orders target tainted properties; three arrests hold firm with chargesheets filed.
As probes deepen, these raids underscore ED’s resolve to claw back billions for victims of Sahara’s deceitful empire.