Subrata Roy scam: Case of investment fraud in Sahara India Pariwar.

Subrata Roy scam: On February 28, 2014, the Supreme Court ordered Subrata Roy to return Rs 24,400 crore to investors. These cases have been going on since then. People of North India had invested the most in Sahara Group. According to the company’s website, it has 9 crore investors and customers. The net worth of the company is approximately Rs 2.6 lakh crore.

Dainik Bhaskar talked to people starting from depositing Rs 10 per day and making FD worth lakhs, working in agents and groups. Everyone’s stories are similar. There are more benefits in less investment. At the end there is a feeling of being cheated and there is hope of a good future.

Subrata Roy scam

Shopkeeper Shahid’s first story

Shahid, who runs a small shop in Nanpara town of Bahraich, collected Rs 95,000 by setting up a vegetable stall by giving Rs 10 each every day. Because his wife is disabled, she cannot do anything. “Earlier I used to sell vegetables on a cart,” says Shahid. But he was not permanent, he used to work hard. Used to save 10 to 10 rupees and make FD in Sahara. There was about Rs 95 thousand in FD, but now the entire money is stuck. Only cursing comes out of my mouth.”

Why was there no money in the government bank? “I am not very educated,” says Shahid. I also didn’t know where to invest the money or not. There were talks about Sahara Bank here. I also got his FD made through an acquaintance.”

“I thought that this money would be useful to the family in bad times, but it did not happen,” said Shahid, showing the FD paper in Sahara. My daughter got married. When I went to the bank to withdraw money, I was disgraced and thrown out. Then I talked to the man who had put the money in Sahara. He said that the situation is still bad, but the money will be received soon. “Five years have passed but the money has not been received.”

Second story of Lakshmi Pandey, retired from Health Department

Lakshmi Pandey lives in Hasanganj locality of Bahraich, where she has made an FD of Rs 52 lakh to be received after retirement. Used to work in health department. She retired in 2012. The son was studying medicine, so we will build a hospital with the money he gets after retirement.

Subrata Roy scam

“When I retired, my children’s education was going on,” says Lakshmi Pandey. So I decided to invest the amount received from retirement in FD. Used to work in an experienced Sahara. In 2012–13, he himself got an FD worth Rs 12 lakh in Sahara. When these FDs matured after 5 years, the agent said that all the money was again invested in the FD. This amount increased to Rs 52 lakh.”

Third story of Sunil who runs a general store

Used to deposit 2 thousand rupees per day, deposited 22 lakh rupees, but did not get anything. Sunil has a general store at Imamganj intersection of Nanpara. When we reached, he was the one who asked if I would get my money back. Then he said, “In 1991, I started investing money in Sahara.” Business was going well. Sahara’s agent used to come to the shop and take the money. So we didn’t have to go to the bank. Time saved. Used to deposit thousand-two thousand rupees daily. This was the savings, understand.”

Subrata Roy scam

Did Subrata Roy suffer loss because of politics?

Virendra Bhatt says, “There is no industrial house in India which is not close to political parties.” They just don’t show it. This was Subrata Roy’s mistake. He turned to Samajwadi Party. He considered himself a member of the Yadav family.”

It is also said that Congress leaders associated with Subrata Roy’s Samajwadi Party did not like the formation of UPA government under the leadership of Congress. “He paid the price for it.”

The death of Subrata Roy will have no impact on the money returned by the government.

The central government is returning their funds to investors through the Sahara Refund Portal. Subrata Roy’s demise will not have any impact on this. After the order of the Supreme Court, the Central Government had started the Sahara Refund Portal named

On 29 March 2023, the government announced that money would be returned to 10 crore investors in the four cooperative societies of Sahara in 9 months.

SEBI Chairperson Madhavi Puri Buch said after the death of Subrata Roy that this matter is related to unit management and will continue in future also. Whether someone is alive or not.

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By Haribol Gupta

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