The ED filed a charge sheet in the Sahara Group case in the special PMLA court in Kolkata. It alleged that the Sahara Group misused funds collected from investors, defrauded depositors through ponzi schemes, and clandestinely disposed of the collected money. The main accused, Abraham and Verma, are in judicial custody.
Sahara Group: The ED has filed a charge sheet in the special PMLA court in Kolkata, levelling serious allegations against the Sahara Group. It is alleged that the group secretly utilized funds collected from the public, defrauded investors through ponzi schemes, and used the deposited money for private and benami properties. Executive Director Anil V Abraham and property broker Jitendra Prasad Verma are the main accused and are currently in judicial custody. The Supreme Court has extended the deadline for the distribution of outstanding amounts to depositors until December 31, 2026.
Summary of ED's Allegations
In its charge sheet, the ED stated that the Sahara Group used funds collected from depositors in ponzi schemes. Instead of returning maturity amounts to depositors, they were forcibly made to reinvest, and accounts were manipulated to conceal non-payments. The investigation also revealed that Abraham and Jitendra Prasad Verma, along with other associates, secretly disposed of several properties through large cash transactions.
The ED also alleged that the group's four cooperative societies were burdened with heavy liabilities while their financial condition was weak. Collection of funds from depositors continued, and most of it was used for personal gain instead of private properties and loan repayment.
Top Officials and Broker Accused in Sahara Case
The charge sheet names Executive Director Anil V Abraham, who is part of the Sahara Group's top management, and Jitendra Prasad Verma, a property broker long associated with the group, as accused. Both are currently imprisoned in judicial custody. According to the ED, these accused played a significant role in the disposal of the group's assets and the misuse of investors' money.
Outstanding Amounts for Depositors
On September 12, the Supreme Court ordered the release of ₹5,000 crore from the ₹24,000 crore deposited with the market regulator SEBI for repaying depositors of Sahara Group's cooperative societies. The court extended the deadline for the distribution of outstanding amounts from December 31, 2025, to December 31, 2026. This has provided partial relief to depositors, but it will take time to receive the full amount.
Secret Use of Funds
The ED's investigation also found that the Sahara Group collected funds from depositors in violation of financial regulations. Most of the deposited money was used to acquire private properties, repay loans, and for personal gain. In this process, investors were deprived of their legitimate rights.
According to the ED's report, the Sahara Group defrauded depositors for a long time and secretly utilized their money. The charge sheet clarified that the group misused funds without providing correct information to the public.
Status of Investors
Investors have received partial relief following the Supreme Court's order. ₹5,000 crore has been released, but it will take time for the full outstanding amount to be repaid. The court has extended the distribution deadline to December 31, 2026. This keeps alive the hope for investors to receive their money.
