For years, the Sahara Group stood as one of India’s largest enterprises, recognized for its reach across various sectors like Sahara Airlines, Sahara Media, and Sahara Housing. At the height of its success, Sahara introduced a chit fund scheme that attracted millions of small-scale investors, many from low-income backgrounds, contributing modest sums daily with the hope of achieving greater financial security.
However, when Sahara struggled to repay these investors, the issue caught the attention of the Supreme Court. The court mandated Sahara to refund Rs 24,000 crore to its investors, but due to ongoing difficulties in repayment, Sahara's former chief, the late Subrata Roy, was jailed in March 2014. This marked the beginning of Sahara’s downfall.
The first sign of trouble came when the National Housing Bank received a letter signed by an individual named Roshan Lal, claiming that bonds issued by Sahara Real Estate Corporation and Sahara Housing Investment Corporation did not comply with regulations. The letter was forwarded to SEBI for a detailed probe.
In a public statement, Subrata Roy alleged that Sahara faced scrutiny after he expressed that India’s Prime Minister should be of Indian descent, not of foreign origin, suggesting this led to increased investigation by national agencies. While Sahara had previously enjoyed support during the UPA government, in 2008, the Reserve Bank of India prohibited Sahara India Financial Corporation from accepting new deposits and instructed it to repay existing investors. Despite government backing in its earlier years, Sahara’s schemes had left numerous small investors without returns.
Now, the Modi government has committed to ensuring that all Sahara investors receive full refunds. A streamlined framework has been established, allowing investors to apply for refunds within a designated period. BJP has made this pledge a central campaign promise in Jharkhand, where the issue holds significant weight. The initiative is expected to enhance BJP’s appeal in the state, with the potential to influence the upcoming elections significantly.
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