Today, Noida residents who have been waiting years to get their Sahara cash received good news. The government has a plan to restore their money, so they don’t need to be discouraged. Amit Shah, Union Minister of Home Affairs and Cooperation, opened the “Sahara Refund Portal” on Tuesday. Investors can retrieve their funds through this gateway.
Court Orders 5000 Crore Rupee Transfer
The Ministry of Cooperation applied to the Supreme Court to resolve allegations about Sahara Group’s cooperative societies’ subscribers’ lawful deposits. On March 29, 2023, the court ordered The Supreme Court ordered the transfer of 5000 crore rupees from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) to settle lawful dues to Sahara’s cooperative society depositors.
These Investors benefit.
An “online portal” allows authorised depositors of Sahara Credit Cooperative Society Limited, Sahara India Cooperative Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited to submit claims. The portal would list Sahara India investors and how to get reimbursements.
10 Million Investors profits
Over the past decade, Sahara, one of the nation’s major chit fund businesses, has broken investors’ trust by not returning their monies. But now they see hope. 10 million Sahara cooperative society investors are stranded. Investors dominate in Bihar, Jharkhand, Uttar Pradesh, and Madhya Pradesh. They requested government intervention after not receiving their money.
Investor Applications
- Start at https://cooperation.gov.in.
- Click “Depositor Registration” on the portal’s homepage.
- Enter your Aadhaar and cellphone numbers.
- Enter the OTP after clicking “Send OTP”.
- After registering, click “Depositor Login.”
- Reenter Aadhaar, cellphone number, and OTP.
- Read the terms and click “I Agree.”
- Your bank name and birthdate will appear.
- Fill out the deposit and claim request form.
- Mention loans or partial payments.
- Provide PAN card data for claims over 50,000 rupees.
Only one claim may be made; therefore, put in all deposit data. Download the claim form after verification. Sign and attach a current photo. Submit the claim filing form last. After submitting the claim, the registered mobile number will receive an SMS.
30-day verification, 45-day refund
The Sahara Society will confirm the claim after 30 days. Then, government officials will act within 15 days. Aadhaar-linked bank accounts will receive the funds after approval. Former Supreme Court Justice R. Subhash Reddy and attorney Gaurav Agarwal will supervise investor refunds.
Sahara’s Past
Sahara was a leading private company. It employed almost 11 lakh. Sahara India grew into real estate, finance, infrastructure, media and entertainment, healthcare, hotels, retail, and IT. The Sahara Group owned the Pune Warriors IPL team and sponsored Team India for 11 years.
Subrata Roy’s Court Order: Deposit 24,400 Crore Rupees
Sahara CEO Subrata Roy was accused of illegally soliciting funds from the public through his two firms, SIRECL and SHICL. He was imprisoned again. The Supreme Court ordered Subrata Roy to refund 24,400 crore rupees to investors. Today, the lawsuit continues.