Kolkata, Aug. 12 -- The Enforcement Directorate (ED) today said its Kolkata zonal bureau on Monday made intensive search operations at nine premises of Sahara Group located in Ghaziabad, Lucknow, Sriganganagar and Mumbai in relation to alleged Ponzi scam.
The ED is investigating the Sahara Group's entities against Humara India Credit Cooperative Society Ltd. (HICCSL) and others as over 500 FIRs have been registered against various groups for over 300 alleged offences under the the money laundering act for cheating the depositors through forced redeposits and denial of maturity payments.
The ED investigation revealed that Sahara Group was operating a Ponzi scheme through entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, SHICL, and ...