ED Seizes Rs 2.98 Crore in Raids on Humara India Credit Cooperative Society

The Enforcement Directorate (ED) has seized Rs 2.98 crore in cash and some incriminating documents during raids conducted in West Bengal, Uttar Pradesh, and Maharashtra. These raids are part of a money laundering case involving Humara India Credit Cooperative Society.

Details of the Raids

The ED’s Kolkata Zonal Office carried out the search operations under the Prevention of Money Laundering Act (PMLA), 2002. The raids took place at the premises of suspects in Kolkata (West Bengal), Lucknow (Uttar Pradesh), and Mumbai (Maharashtra).

Investigation Background

The investigation was initiated based on multiple First Information Reports (FIRs) registered by the police in Bihar, Rajasthan, and Odisha. These FIRs were filed under various sections of the Indian Penal Code (IPC), 1860, against Humara India Credit Cooperative Society, Sahara India Group companies, and associated individuals.

Findings

The ED’s investigation revealed that Humara India Credit Cooperative Society collected over Rs 24,000 crore from more than one crore investors and depositors by promising high returns. However, the society failed to refund the maturity amounts even after the due dates.

Further investigation showed that the Proceeds of Crime (PoC) generated by the society were transferred to several Sahara Group entities, including Ambay Valley City Limited. The ED is currently tracing these PoC.