Karnataka, Mar 4: In a fresh development concerning the Sahara Prime City land case, the Enforcement Directorate (ED) on Tuesday raided multiple premises of the company and its officials across Odisha, Andhra Pradesh, and Karnataka. The raids led to the seizure of electronic evidence, including WhatsApp communications, contact records, and call details, officials confirmed.
The searches were carried out by the ED's Kolkata Zonal Office on February 2 at locations in Anantapur (Andhra Pradesh), Ballari (Karnataka), Bhubaneswar, and Berhampur (Odisha). The central probe agency said that during the operation, several financial records and incriminating documents were seized for detailed examination.
As part of the investigation, the ED recorded statements under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, from various individuals. The case is related to the sale of a land parcel in Berhampur, Odisha, by Sahara Prime City Limited, which was allegedly sold fraudulently.
The investigation revealed that around 32 acres of land out of a total of 43 acres in Berhampur, Odisha, was sold in December 2025 based on a revoked Board Resolution. The sale was made in favor of a Sahara employee and violated the Supreme Court's guidelines. The ED pointed out discrepancies between the declared sale consideration and the actual market value of the land.
The ED also discovered that the sale was conducted under the direction of senior Sahara Group management. The investigation has been linked to the case of Humara India Credit Cooperative Society Limited (HICCSL), in which multiple FIRs have been registered for large-scale cheating of depositors.
According to the ED, Sahara Group's operations have been identified as a Ponzi scheme. The funds collected from investors were mismanaged, with maturity proceeds reinvested instead of repaid. The group's financial records showed manipulated books to hide the non-repayment of funds, and liabilities were shifted between different entities without commercial justification.
The investigation revealed that Sahara Group continued collecting new deposits despite being financially incapable of repaying the matured amounts. This led to a significant increase in liabilities, which included a large interest component. Moreover, substantial amounts were siphoned off to create benami assets and for personal use, depriving depositors of their legitimate dues.
In connection with the investigation, the ED has issued five provisional attachment orders, seizing several land parcels and assets, including benami properties linked to individuals involved in the fraud. Three individuals have been arrested, including Anil Vailaparampil Abraham and O.P. Srivastav, who remain in judicial custody. A charge sheet and supplementary charge sheet have already been filed in the case.
The ED's probe continues as it works to unearth further details of the financial mismanagement and fraud involving the Sahara Group.
