Bhubaneswar, March 3: The Enforcement Directorate (ED), Kolkata Zonal Office, conducted search operations at several locations in Berhampur (Odisha), Bhubaneswar, Ballari (Karnataka), and Anantapur (Andhra Pradesh) on Tuesday in connection with a fraudulent land sale involving Sahara Prime City Limited. The investigation is part of the ongoing case against ‘Humara India & Others,’ linked to the sale of a 43-acre land parcel in Berhampur.
According to an ED official, statements of various individuals were recorded under Section 17 of the Prevention of Money Laundering Act (PMLA) during the raids. Investigators uncovered that approximately 32 acres of the land were illicitly sold in December 2025, based on a revoked Board Resolution. This sale, conducted in favor of a Sahara employee, violated Supreme Court guidelines and was reportedly directed by senior management within the Sahara Group.
Discrepancies were found between the declared sale price and the actual market value of the land. The ED seized digital evidence, including WhatsApp communications, call logs, and contact details. Financial records, account books, and other incriminating documents were also recovered for further scrutiny.
The ED had previously initiated an investigation based on multiple FIRs lodged under Sections 420 and 120B of the Indian Penal Code (IPC), 1860, against M/s Humara India Credit Cooperative Society Ltd. (HICCSL) and others across various states. Over 500 FIRs have been filed against different Sahara Group entities, with more than 300 involving offences under the PMLA, alleging extensive fraud and cheating of depositors. The investigation suggests that Sahara Group operated a Ponzi scheme, with funds collected from investors mismanaged without oversight. Instead of repaying maturity proceeds, the funds were reinvested, and financial records were allegedly manipulated to hide non-repayment.
The inquiry revealed that intra-group transactions shifted massive liabilities without legitimate business reasons, and considerable liabilities were funneled into four cooperative societies. Despite the group’s financial distress, new deposits continued to be collected. Due to the ongoing non-repayment of matured deposits, the outstanding liabilities, including a significant interest component, have grown exponentially over time.
Moreover, the investigation exposed that substantial deposits were allegedly diverted for creating benami assets, providing loans, and personal use, thereby depriving depositors of their rightful returns. As a result, the ED has issued five Provisional Attachment Orders, attaching multiple land parcels and assets, including benami properties and those belonging to other individuals linked to the group.
To date, three individuals have been arrested, with two—Anil Vailaparampil Abraham and O P Srivastav—remaining in judicial custody. One Prosecution Complaint and a Supplementary Prosecution Complaint have been filed, with the investigation continuing.
