700,000 of investors register for refund from 4 Sahara group societies

Within days of launching the portal for refund of deposits in Sahara Group's cooperative societies, around 7 lakh investors have registered on the platform so far with claim amounts of more than Rs 150 crore, according to sources.

On July 18, Cooperation Minister Amit Shah launched the 'CRCS-Sahara Refund Portal' to facilitate the return of the money of investors stuck in four cooperative societies of Sahara Group.

The government had said in March that money will be returned to 10 crore investors of the four cooperative societies within nine months.

The announcement followed a Supreme Court order directing the transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).

According to sources, around 7 lakh Sahara investors have already registered for refund, totalling to a claim amount of more than Rs 150 crore.

Last week, Shah said this is a "great example" of the fact that if a government works in a proactive manner even the most complex problems can be solved.

The portal has been developed for submission of claims by genuine depositors of Cooperative Societies of Sahara Group -- Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited.