New Delhi4 minutes ago
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The price of the property has been stated to be Rs 1460 crore.
The Enforcement Directorate (ED) attached 707 acres of land in and around Ambi Valley City in Lonavala, Maharashtra, Sahara Group. Its price has been stated to be around 1460 crores. The action took place on Tuesday under the investigation of money laundering.
ED said that an order has been issued to temporarily attach the property under the Prevention of Money Laundering Act (PMLA). This land was purchased by diverting funds from Sahara companies.
Ambi Valley City was called Hill City, the country’s first plan. It has golf courses, lakes and villas. It is 110 km from Mumbai and 90 km from Pune.
Investigation on the basis of more than 500 FIR ED said that in this money laundering case, more than 500 FIRs are registered in different states of the country. Of these, more than 300 FIRs are related to crimes registered under PMLA. The ED started an investigation on the basis of three FIRs registered against our India Credit Co-operative Society Limited (HICCSL) and others of Odisha, Bihar and Rajasthan Police.
ED investigation has revealed that Sahara Group was running Ponzi scheme through several other companies like HICCSL. The group collected money to investors and more agents by luring high returns and commissions. Not only this, instead of paying the scheme on the maturity of the scheme, their money was forced to invest in other schemes.
Investors’ money spent on great lifestyle Investors have not been paid on maturity, to hide it was rigged in group accounts and showed money as new investment in other schemes. The group continued to implicate new investors despite not paying the current maturity amount to continue the Ponzi scheme. Some part of the collected money was spent on making benami property, its personal expenses and luxurious lifestyle.