ED attached 707 acres of land.
Taking major action, the ED has temporarily attached 707 acres of land near Ambi Valley City in Lonavala. The estimated market price of this land is said to be around Rs 1460 crore. This action has been taken under PMla. The ED investigation has revealed that the land was purchased on benami names and the money used for it, which were withdrawn by embezzling from various companies of the Sahara group.
The ED started the investigation of the case on the basis of three different FIRs, which was registered by the Odisha, Bihar and Rajasthan Police on charges of fraud and criminal conspiracy. So far, more than 500 FIRs have been registered against Sahara Group and people associated with it. More than 300 of these cases are related to crimes registered under PMLA.
Investigation has revealed that the Sahara Group misled thousands of investors and run a large pongy scheme. Through these schemes, a huge amount was deposited from investors and promised high returns, but they were not paid. Rather, he was forced to forcibly invest.
The ED says that the Sahara Group spent the amount of depositors in private expenses, benami properties and luxurious lifestyle. It has also been revealed that many assets were sold in cash and no account of those money was kept. In the action so far, cash worth Rs 2.98 crore has been seized and statements of many agents, employees and investors have also been recorded.
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