 "Enforcement Directorate, ED")
The funds generated by the society were “transferred” to several Sahara group entities including Aamby Valley City Limited. | Photo: X @dir_ed
The Enforcement Directorate on Thursday said it has seized about Rs 3 crore in cash after it conducted searches against a Kolkata-based cooperative society and the Sahara group as part of a money laundering probe linked to alleged duping of investor funds worth Rs 24,000 crore.
The federal agency said in a statement that the raids were undertaken against Humara India Credit Cooperative Society Ltd. at Kolkata, Lucknow and Mumbai. It did not say when these searches were carried out.
During the operation, “incriminating” documents including books of account, digital devices of Humara India and other Sahara Group entities were seized along with “proceeds of crime” worth Rs 2.98 crore in cash, it said.
The money laundering investigation stems from FIRs registered by Odisha, Bihar and Rajasthan police against the Humara India Credit Cooperative Society, Sahara India Group companies and associated persons.
“The society collected more than Rs 24,000 crore from more than one crore investors and depositors by promising them high returns.
“Subsequently, the society failed to refund the maturity amount even after the due date,” the ED alleged.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 11 2024 | 9:39 PM IST
