In a major development in the ongoing money laundering investigation against Sahara India and its group entities, the Enforcement Directorate (ED), Kolkata has attached vast tracts of land located in the high-profile Amby Valley City, Lonavala.
The attached properties span 707 acres and are held in the names of various individuals. The approximate market value of the seized assets is estimated at Rs. 1,460 crore. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s action comes as part of its ongoing probe into financial irregularities and alleged laundering of funds by Sahara India and its associated companies. Amby Valley City, a flagship project of the Sahara Group, has long been under the scanner for alleged benami holdings and diversion of funds.
Further details are awaited as the investigation continues to unfold.
