ED Attaches Rs 14.60 Bn Aamby Valley Property in Sahara Case

17 Apr 2025 CW Team

Aamby Valley City, developed by the Sahara group in the early 2000s, is situated in the Sahyadri mountain range in Pune district. Promoted as India’s first planned hill city, it features premium infrastructure such as an airstrip, helipads, golf courses, artificial lakes, villas, chalets, and cottages. Despite its grandeur, the project has faced legal and financial complications over the years, primarily due to alleged diversion of investor funds and tax violations.

The ED’s Kolkata office issued the provisional attachment order under the Prevention of Money Laundering Act (PMLA). The investigation was triggered by three separate cheating cases registered against Humara India Credit Co-operative Society (HICCSL) in Odisha, Bihar, and Rajasthan. Further scrutiny revealed over 500 FIRs against Sahara-linked entities, with more than 300 involving money laundering offences.

The ED found that the Sahara group had raised around Rs 240 billion from over 10 million investors through HICCSL and other firms. These funds were misused, with depositors and agents misled by promises of high returns and commissions. Rather than repaying matured deposits, the group allegedly encouraged reinvestment in alternate schemes, while manipulating financial records to obscure the transactions.

Part of the misappropriated funds was used to create benami properties and support the personal expenses of certain individuals. Additionally, cash transactions were involved in the disposal of some assets. The ED has recorded multiple statements and seized nearly Rs 30 million during earlier searches conducted in Mumbai, Kolkata, and Lucknow.

News source: Hindustan Times

The Enforcement Directorate (ED) has provisionally attached 707 acres of land located in and around Aamby Valley City in Lonavala, valued at approximately Rs 14.60 billion. This move is part of an on-going money laundering investigation against the Sahara group. The land in question was reportedly acquired using benami names and funded through diverted money from Sahara group entities. Aamby Valley City, developed by the Sahara group in the early 2000s, is situated in the Sahyadri mountain range in Pune district. Promoted as India’s first planned hill city, it features premium infrastructure such as an airstrip, helipads, golf courses, artificial lakes, villas, chalets, and cottages. Despite its grandeur, the project has faced legal and financial complications over the years, primarily due to alleged diversion of investor funds and tax violations. The ED’s Kolkata office issued the provisional attachment order under the Prevention of Money Laundering Act (PMLA). The investigation was triggered by three separate cheating cases registered against Humara India Credit Co-operative Society (HICCSL) in Odisha, Bihar, and Rajasthan. Further scrutiny revealed over 500 FIRs against Sahara-linked entities, with more than 300 involving money laundering offences. The ED found that the Sahara group had raised around Rs 240 billion from over 10 million investors through HICCSL and other firms. These funds were misused, with depositors and agents misled by promises of high returns and commissions. Rather than repaying matured deposits, the group allegedly encouraged reinvestment in alternate schemes, while manipulating financial records to obscure the transactions. Part of the misappropriated funds was used to create benami properties and support the personal expenses of certain individuals. Additionally, cash transactions were involved in the disposal of some assets. The ED has recorded multiple statements and seized nearly Rs 30 million during earlier searches conducted in Mumbai, Kolkata, and Lucknow. News source: Hindustan Times

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..