13 July 2025

The Directorate of Enforcement (ED), Kolkata Zonal Office, has arrested Anil Vailaparampil Abraham, Executive Director of Sahara Group's Chairman Core Management (CCM) Office, and Jitendra Prasad Verma, a long-time associate and property broker, in connection with a money laundering investigation into Sahara India and its group entities under the Prevention of Money Laundering Act (PMLA), 2002.

Anil V. Abraham is accused of coordinating and facilitating the sale of Sahara Group properties, many of which involved significant unaccounted cash components that were siphoned off. J.P. Verma is alleged to have actively participated in these property transactions and knowingly assisted in routing large cash proceeds, thereby aiding in the concealment of "Proceeds of Crime" (POC). Incriminating evidence recovered during PMLA searches suggests that Sahara Group properties were being clandestinely disposed of. Digital evidence further indicates that Abraham and Verma played crucial roles in this disposal and in assisting Sahara Group promoters, who were operating from outside India, in siphoning off funds.

The arrested individuals were presented before the 3rd Chief Judicial Magistrate in Kolkata on July 12, 2025, and were remanded to ED custody until July 14, 2025.

The ED initiated its investigation based on three FIRs registered under Sections 420 (cheating) and 120B (criminal conspiracy) of the IPC, 1860, against M/s Humara India Credit Cooperative Society Ltd. (HICCSL) and others by police in Odisha, Bihar, and Rajasthan. Over 500 FIRs have been filed against various Sahara Group entities, with more than 300 involving scheduled offenses under the PMLA. These FIRs allege large-scale cheating of depositors through forced redeposits and denial of maturity payments.

The ED's investigation revealed that the Sahara Group operated a Ponzi scheme through entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, SHICL, and others. They lured depositors and agents with promises of high returns and commissions, but managed funds in an unregulated manner, without depositor oversight. Maturity proceeds were not repaid; instead, they were reinvested under coercion or misrepresentation, and books were manipulated to hide these non-repayments. Despite financial difficulties, the group continued to collect fresh deposits, with a portion of these funds being siphoned off for benami assets and personal expenses. Group assets were also sold with partial cash payments, further denying rightful claims to depositors.

During the investigation, statements from various individuals, including depositors, agents, and Sahara Group employees, were recorded under Section 50 of PMLA. Searches conducted under Section 17 of PMLA led to the seizure of Rs. 2.98 crore in cash. Additionally, two Provisional Attachment Orders have been issued, attaching 707 acres of land in Amby Valley, valued at approximately Rs. 1460 crore, and 1023 acres of land in Sahara Prime City Ltd., valued at approximately Rs. 1538 crore, on April 15, 2025, and April 23, 2025, respectively.

Further investigation is ongoing.