The Enforcement Directorate on Thursday said it has seized about Rs 3 crore in cash after it conducted searches against a Kolkata-based cooperative society and the Sahara group as part of a money laundering probe linked to alleged duping of investor funds worth Rs 24,000 crore.
The federal agency said in a statement that the raids were undertaken against Humara India Credit Cooperative Society Ltd. at Kolkata, Lucknow and Mumbai. It did not say when these searches were carried out.
During the operation, "incriminating" documents including books of account, digital devices of Humara India and other Sahara Group entities were seized along with "proceeds of crime" worth Rs 2.98 crore in cash, it said.
The money laundering investigation stems from FIRs registered by Odisha, Bihar and Rajasthan police against the Humara India Credit Cooperative Society, Sahara India Group companies and associated persons.
"The society collected more than Rs 24,000 crore from more than one crore investors and depositors by promising them high returns.
"Subsequently, the society failed to refund the maturity amount even after the due date," the ED alleged.
The funds generated by the society were "transferred" to several Sahara group entities including Aamby Valley City Limited.
These proceeds of crime are being traced, it said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Income Tax Department Seizes Over Rs 135 Crore from Sahara Group: Report Income Tax Department Conducts Searches on Sahara Group in Delhi, NCR Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest Maharashtra Chief Minister Pick Contentious For Both Ruling, Opposition Camps Brazil Police Call Ex-President Bolsonaro's Indictment Over 2022 "Coup" Plot World Leaders Split As ICC Issues Arrest Warrant For Netanyahu Famous Iceland Geothermal Spa Covered In Lava Post Volcanic Eruption Track Latest News Live on NDTV.com and get news updates from India and around the world.