Winning Bizness Desk

Mumbai. Union Finance Minister Nirmala Sitharaman has revealed that the Serious Fraud Investigation Office (SFIO) is conducting an in-depth investigation into the Sahara Group companies. Further actions will be determined based on the findings of the SFIO report. In response to a query raised in the Lok Sabha regarding the slow refund process for Sahara Group investors, Sitharaman explained that all Sahara-related cases are under the Supreme Court's oversight, and the government is acting according to its directives. "The fact remains that only small investors have come forward to claim refunds. The SFIO is investigating the entire matter, including the reasons why all investors have not claimed their refunds and their whereabouts," Sitharaman stated.

19,650 Claims Submitted; 17,250 Settled

The Finance Minister reported that, to date, 19,650 investors have submitted claims, of which 17,250 have been settled. The remaining applicants have been asked to provide additional documents to process their claims. She emphasized that the government's hands are tied in the matter as it falls under the Supreme Court's jurisdiction. The Finance Ministry's data, shared with Parliament in December 2023, indicates that the SFIO began investigating three Sahara Group companies on October 31, 2018: Sahara Housing Investment Corporation Limited, Sahara Q Shop Unique Products Range Limited, and Sahara Q Gold Mart Limited. Additionally, on October 27, 2020, the SFIO was instructed to investigate six more companies within the group. Last year, the government launched the 'Sahara Refund Portal' to facilitate the return of funds to investors in four Sahara cooperative societies, initially disbursing Rs 5,000 crore.

Subrata Roy's Legal Battle and Health Issues

Sahara Group founder Subrata Roy was ordered by the Supreme Court on February 28, 2014, to return Rs 24,400 crore to investors after allegations of illegal investment practices. Roy served two years in Tihar Jail and has been on parole since 2016. In recent developments, Sahara India reported that Subrata Roy suffered from metastatic stroke, high blood pressure, and diabetes. He passed away on November 14, 2023, at 10:30 pm due to cardiorespiratory arrest, after being admitted to Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute (KDAH) on November 12. The SFIO's ongoing investigation is expected to bring clarity to the situation, paving the way for further actions and the settlement of remaining claims.

Subrata Roy was asked by the court to return Rs 24,400 crore

Subrata Roy was accused of getting people to invest money against the rules in his two companies. For this he also had to go to jail. He was in Tihar Jail for two years and was out of jail on parole since 2016. On 28 February 2014, the Supreme Court had asked Subrata Roy to return Rs 24,400 crore to the investors. This case has been going on since then. It was told by Sahara India that Subrata Roy Sahara had problems of metastatic stroke, high blood pressure and diabetes. He died on 14 November 2023 at 10.30 pm due to cardiorespiratory arrest. He was admitted to Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute (KDAH) since November 12.