Who Were Arrested in the Sahara Group Money Laundering Case?

New Delhi, July 13 (NationPress) The Enforcement Directorate (ED) announced on Sunday the arrest of two individuals in connection with an investigation into the Sahara Group regarding a money laundering case. The arrests included Anil Vailaparampil Abraham, the Executive Director of the Chairman's Core Management (CCM) Office at Sahara Group, and Jitendra Prasad Verma, a long-time associate and property broker linked to the conglomerate.

The arrests were executed by the ED’s Kolkata zonal branch as part of the ongoing investigation into the Sahara Group and its associated entities.

Currently, both individuals are in the ED’s custody, having been presented before the court on Saturday, which granted the agency their custody until Monday.

The ED issued an official statement saying, “Anil V Abraham was pivotal in orchestrating and facilitating the sale of Sahara Group properties, many of which involved significant unaccounted cash components that were misappropriated. J. P. Verma was instrumental in executing these property transactions and played a role in routing substantial cash proceeds from these sales,” adding that the pair attempted to conceal the proceeds of their illicit activities.

The investigative agency also reported discovering various incriminating evidence during search operations conducted under the Prevention of Money Laundering Act (PMLA), noting that these materials were being purposefully disposed of to avoid accountability.

The ED's findings suggest that Anil V Abraham and J. P. Verma significantly contributed to the disposal of properties and assisted the Sahara Group's promoters in diverting funds, with evidence indicating that the promoters were engaged in such wrongful acts while residing outside India.

The inquiry into the alleged money laundering commenced based on three FIRs filed under Sections 420 and 120B of the IPC, 1860, against M/s Humara India Credit Cooperative Society Ltd. (HICCSL) and others by police in regions such as Odisha, Bihar, and Rajasthan.

Additionally, over 500 FIRs have been lodged against various entities within the Sahara Group, with more than 300 involving scheduled offenses under the PMLA, alleging extensive cheating of depositors through forced redeposits and denial of maturity payments.

The ED has alleged that the Sahara Group was running a Ponzi scheme via entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, and SHICL, enticing depositors and agents with promises of high returns and commissions.

During the investigation, statements from numerous individuals, including depositors, agents, and Sahara Group employees, were recorded under Section 50 of the PMLA.

Searches conducted under Section 17 of the PMLA resulted in the seizure of cash amounting to Rs. 2.98 Crore.