The Sahara Group once stood as one of India’s top enterprises, with a presence across various sectors, including Sahara Airlines, Sahara Media, and Sahara Homes. Sahara also introduced a chit fund scheme that attracted millions of Indians from lower-income groups, who invested small amounts daily, typically between Rs 10 to Rs 100, with the hope of securing better returns and a stable future. However, when the Sahara Group refused to return the investors’ money, its troubles began, and the Supreme Court intensified its scrutiny. The Court ordered Sahara to repay Rs 24,000 crore to investors. Due to Sahara’s failure to make these payments, then-chief Subrata Roy was jailed on March 4, 2014, marking the start of the group’s gradual decline.
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भाजपा का प्रण
भाजपा सरकार बनते ही वापस होगी सहारा निवेशकों की पाई-पाई। pic.twitter.com/NixmYDOH9x
— BJP JHARKHAND (@BJP4Jharkhand) November 6, 2024
The scheme’s fraudulent nature came to light when a letter, signed by Roshan Lal, reached the National Housing Bank. The letter alleged that bonds issued by Sahara Real Estate Corporation and Sahara Housing Investment Corporation did not comply with regulations. This letter was forwarded to SEBI for further investigation. Subrata Roy claimed publicly that Sahara was being scrutinized because he stated that India’s Prime Minister should be of Indian, not Italian, origin. According to him, following this statement, top agencies began targeting Sahara.
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Under the initiative of the Ministry of Cooperation, a total of ₹241 crore has been refunded to 2.5 lakh investors of the Sahara Cooperative Societies.
सहकारिता मंत्रालय की पहल पर अब तक सहारा की सहकारी समितियों में निवेश करने वाले लगभग ढाई लाख निवेशकों को ₹241 करोड़ वापस मिले। pic.twitter.com/P59HVi8kxJ
— Amit Shah (@AmitShah) January 17, 2024
The NBFC, previously lauded by the UPA government, soon faced further questioning. In 2008, the Reserve Bank of India took action, prohibiting Sahara India Financial Corporation from accepting deposits and directing it to return investors’ money. Reports suggest that the UPA government’s support enabled Sahara’s chit fund schemes to flourish, but this left many low-income investors stuck. Following the change in government at the Centre, investors’ hopes began to rise.
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The Modi government has now committed to returning every penny invested in Sahara’s chit fund. A framework has been established to allow investors to apply for refunds within a specified timeframe. The BJP has openly stated that every rupee will be returned, making it a major campaign promise in Jharkhand. This pledge is expected to provide the BJP with a significant advantage, potentially serving as a game-changer in the upcoming Jharkhand elections.