The Enforcement Directorate (ED) filed a supplementary chargesheet in a Kolkata court on September 6, against the Sahara India group, alleging money laundering and fraudulent schemes worth Rs 1.74 lakh crore. The case, one of the biggest financial scams in India, has once again brought the Sahara empire under intense scrutiny.
The chargesheet names late Sahara founder Subrata Roy’s wife, Sapna Roy, and son, Sushant Roy, along with several senior officials of the group. Among the key accused are Anil Valaparampil Abraham, former Executive Director in the Sahara Chairman Core Management (CCM) Office, and Jitendra Prasad (JP) Verma, a long-time associate of the group.
The ED has declared Sushant Roy a fugitive after he repeatedly skipped summons for questioning. Officials said they are moving to secure a non-bailable warrant (NBW) against him. Sources confirmed that Sahara faces more than 500 FIRs, of which nearly 300 fall under the ambit of the Prevention of Money Laundering Act (PMLA).
The ongoing investigation began after FIRs were filed in Odisha, Bihar, and Rajasthan against Sahara-linked entities, including Humara India Credit Cooperative Society Limited. Based on these FIRs, the ED widened its probe to other Sahara companies operating Ponzi-like deposit schemes.
Recently, raids were conducted across Uttar Pradesh, Rajasthan, and Mumbai, where ED officials seized documents relating to land and share transactions. The supplementary chargesheet is based on fresh evidence from these searches.
The chargesheet lays particular emphasis on the roles of Abraham and Verma. According to the ED, Abraham played a central role in high-value property transactions, while Verma acted as a property broker handling cash movements and secret deals.
Investigators allege that Sahara attempted to legitimise proceeds of crime through political and business connections, channelling investor funds into benami properties and electoral influence-building.
Meanwhile, the Securities and Exchange Board of India (SEBI) is separately working to refund investors. Following a Supreme Court directive, SEBI began the process of returning Rs 24,000 crore illegally collected by Sahara to depositors.
While SEBI focuses on restitution, the ED investigation zeroes in on how Sahara diverted investor funds into real estate and offshore investments through money laundering networks.
The chargesheet points to two major projects, Aamby Valley (707 acres) and Sahara Prime City (1,023 acres), as properties acquired from laundered money. The ED claims Sahara operated a Ponzi-style structure, where funds from new investors were used to cover old liabilities, while actual debts were concealed by manipulating financial accounts.
With the supplementary chargesheet filed, the ED is expected to push for stronger action, including the attachment of Sahara’s assets and extradition proceedings against the absconding accused. The Sahara case, spanning multiple states and thousands of investors, remains one of the most high-profile examples of India’s fight against financial fraud and chit fund scams.
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