The Center has taken action to provide relief to the millions of depositors who were trapped in four cooperative societies of the Sahara Group. Following the Supreme Court’s order on 29th March 2023, the government initiated the refund process. The depositors who had invested in Sahara Cooperative Societies were directed to transfer Rs 5,000 crore from the ‘Sahara-Sebi Refund Account’ to the Central Registrar of Cooperative Societies (CRCS). Presently, depositors of Sahara Credit Co-operative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Co-operative Society Limited, and Stars Multipurpose Co-operative Society Limited are receiving their refunds.
Center Initiates Relief Process for Depositors Trapped in Sahara Cooperative Societies
However, there are many other schemes of Sahara where investors’ money is also stuck, and they are anxiously waiting for their trapped funds to be returned.
According to Union Minister of State for Finance Pankaj Chowdhary’s statement in August last year, over Rs 1.12 lakh crore of funds from approximately 13 crore investors are stuck in various Sahara India Group companies. The refund portal for depositors of Sahara Group’s cooperative society has been launched, and other investors are eagerly anticipating when they will receive their refunds.
Supreme Court Order Spurs Refund Process for Sahara Cooperative Society Investors
Pankaj Chowdhary further revealed that Rs 19,400.87 crore from 2.33 crore investors in Sahara Indian Real Estate Corporation Limited (SIRECL) and Rs 6,380.50 crore from 75 lakh investors in Sahara Housing Investment Corporation Limited (SHICL) are also stranded.
Additionally, Rs 12,958 crore from 1.8 crore depositors are stuck in Hamara India Credit Co-operative Society, Rs 18,000 crore from 3.71 crore investors in Saharan Universal Multipurpose Society, and Rs 8,470 crore from 4 crore investors in Stars Multipurpose Co-operative Society remain trapped.