The Indian Financial Intelligence Agency, the Directorate for Pravo (ED), arrested two people who allegedly played a “key role” in saving money, destroyed real estate and helped the Sahara promoters in the case of money washing.
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The news report stressed that both individuals were taken into custody was identified as Vailapapil Abraham and Jitendra Prasad Verma. One of the arrests worked as Executive Director in the main manager of the chairman of Sahara Group, while another was a long -time collaborator of the CUM Group of real estate.
On Saturday, July 12, 2025, both were arrested before the local court in Kolkata and, according to the agency report, sent them back to custody until Monday, July 14, 2025.
What was the accusation?
Ed claimed that Vailapapapil Abraham played a “key role” in coordination and facilitate the sale of Sahara Group assets, many of which included “essential unanswered” cash components that were reportedly postponed.
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The Declaration of the Investigation Agency also claimed that Jitendra Prasad Verma was “actively involved” in the implementation of several of these real estate transactions and consciously helped in the direction of large cash returns generated from these sales transactions. This resulted in a contribution to secrecy and dispersion of the crime.
Ed reportedly encountered “in question” evidence during his search, suggesting that the characteristics of the Sahara group group were destroyed one by one in “secretly and secretly and often illegally).
Sahara promoters have been found to be involved in such incorrect practices while staying outside India, the press agency citing ED reported.
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Case of the Sahara Group
The Directorate for enforcement (ED) claimed that the Sahara Group operated the “Ponzi” scheme through various entities.
Hiccsl, Sahara Credit Cooperative Society Limited (SCCSL), Saharyn Universal Multipurpose Cooperative Society (Sumcs), Stars Multipurpose Cooperative Society Limited (SMCSL), Sahara India Commercial Corporation Ltd Estate Corporation LTD (SIRECL), Sahara Housing Investment Corporation LTD (Shicl) and Other Group Entities Were involved in the Case, According Agency.
More than 500 fir were filed by various state police ministries, such as the police Odisha, Bihar and Rajasthan, in the case of money washing against the Sahara group. Ed analyzes all complaints filed against Sahara’s group entities and related persons before filing the case under the Indian Money Laying Act (PMLA).
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“These funds were administered in an unregulated manner without supervision in depositors and the maturity yields were not reinstated instead under pressure or distortion, and the books were manipulated to mask such an uncomfortable,” Ed said.
The financial agency also claimed that despite the financial inability, the group continued to collect new deposits, some of which were postponed to unnamed assets and personal expenses. “The assets of the group were also sold for partial cash payments, which further rejected the legitimate claims of the depositors,” Ed said according to the report.
At the beginning of this year, ED attached 707 acres of land worth £1,460 crore in the valley of the Aamby in Mahari and 1,023 acres of land worth £1 538 Crore in the Sahara Prime City LTD for an investigation, according to the agency report.
(Tagstotranslate) Directorate for enforcement (T) Sahara Group
