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Sahara Group
Cooperation Minister Amit Shah on Tuesday said a refund of Rs 6,841.86 crore has been disbursed to 35.44 lakh depositors of Sahara Group Cooperative Societies so far. The refund has been given to 35.44 lakh depositors out of 1.41 crore who have submitted applications through the Sahara Refund and Re-submission Portals, he said in a written reply to the Lok Sabha. Presently, a payment of up to Rs 50,000 is disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar-seeded bank accounts. "The Ministry is taking all possible steps for payment to the genuine depositors...," Shah said. The Supreme Court has extended the time till December 31, 2026 for disbursement to the genuine depositors of the Sahara Group of Cooperative Societies. According to the minister, applications received on the portal are processed in a transparent manner, on proper identification and on submitting proof of their identity and deposits. The ...
The Supreme Court on Friday agreed to list for hearing on November 17 interim pleas of employees seeking payment of their pending salaries from the Sahara Group companies. On October 14, a bench headed by Chief Justice of India (CJI) B R Gavai sought responses from the Centre, the Securities and Exchange Board of India (SEBI) and other stakeholders on a plea of Sahara India Commercial Corporation Ltd. (SICCL) seeking permission to sell its 88 prime properties to Adani Properties Private Limited. The plea of SICCL is already listed for hearing on November 17. On Friday, the CJI was urged by the lawyers that the interim pleas of employees be also listed on Monday as they have not received salaries for many months. "Ok. They will be listed," CJI Gavai said. Earlier, the bench, also comprising Justices Surya Kant and M M Sundresh, heard the interlocutory application (IA) of Sahara India Commercial Corporation Ltd. (SICCL) in the long-pending matter relating to the Sahara Group's refund
The Supreme Court is likely to hear on Tuesday a plea of Sahara India Commercial Corporation Ltd (SICCL) seeking its nod to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited. As per the apex court website, a special bench comprising Chief Justice B R Gavai and Justices Surya Kant and M M Sundresh will hear the plea at 2 pm on Tuesday. On Monday, a lawyer sought the hearing of a separate plea seeking release of the salaries of employees of a Sahara group firm. He said salaries of employees of the Sahara Communications have been withheld since 2014. Another counsel, appearing for one of the purchasers of Sahara properties, sought listing of another plea seeking directions to market regulator Securities and Exchange Board of India (SEBI) to release the documents pertaining to sale of certain properties. The SICCL had moved the top court seeking its permission to sell various properties, including Amby Valley
The Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking its permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited. The plea, which was mentioned for hearing recently, would likely come up on October 14. Seeking the permission, the plea filed through advocate Gautam Awasthi, said, "..to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited, for the consideration and on the terms and conditions as set out in the term sheet dated September 6, 2025." The interlocutory application, filed in the pending matters related to Sahara group, said pursuant to various orders passed by this court, from time to time, and after taking the permission of this court through various orders, the SICCL and the Sahara Group were, with great difficulty, able to liquidate certain movable and immovable assets of theirs, the proceeds of which were
The Enforcement Directorate (ED) on Monday alleged that a number of Sahara Group assets, which were acquired out of the deposits collected from the public, were being disposed of in a "clandestine" manner via cash transactions. The federal probe agency filed a chargesheet in the matter before a special Prevention of Money Laundering Act (PMLA) court in Kolkata on September 6. It named Anil V Abraham and Jitendra Prasad Verma, both arrested in the case by the ED and presently lodged in jail under judicial custody, as accused in the matter. Abraham was an executive director of Sahara Group's core management team while Verma, a property broker, served as a long-time associate of the group, the agency said. "It has been revealed that many properties of the Sahara Group, which were acquired out of the deposits collected from the public, were being disposed of in a clandestine manner involving huge cash transactions. "During investigation, it has been established that Abraham and Verma
The Enforcement Directorate (ED) on Sunday said it has arrested two persons, an executive director of Sahara Group chairman's core management team and a long-time associate of the group cum property broker, as part of a money-laundering probe against the Sahara Group and its linked entities. The individuals taken into custody have been identified as Vailaparampil Abraham and Jitendra Prasad Verma, respectively. Abraham played a "key role" in coordinating and facilitating the sale of Sahara Group properties, many of which involved "substantial unaccounted" cash components that were allegedly siphoned off. Verma was "actively involved" in executing several of these property transactions and knowingly assisted in routing large "cash" proceeds generated from these sale transactions, thereby contributing to the concealment and dissipation of the "proceeds of crime", the central agency said in a statement. The ED said it came across "incriminating" evidence, during searches conducted in .
The Enforcement Directorate (ED) on Wednesday said it has attached fresh assets worth more than Rs 1,500 crore as part of a money-laundering investigation against the Sahara Group. A provisional order was issued by the federal probe agency under the Prevention of Money Laundering Act (PMLA) to attach a total of 1,023 acres of land of Sahara Prime City Limited in 16 cities. The total value of these plots is Rs 1,538 crore (according to the 2016 circle rate). These pieces of land were purchased through "benami" transactions, with the funds "diverted" from Sahara entities, the agency said in a statement. These pieces of land are located in Gujarat, Odisha, Maharashtra, Karnataka, Rajasthan, Jammu and Kashmir and Uttar Pradesh, the statement said. Last week, the ED attached 707 acres of land in Amby Valley, located in Maharashtra's Lonavala, worth Rs 1,460 crore (market value). The money-laundering case stems from more than 500 FIRs filed by various state police departments. Three FI
Cooperation Minister Amit Shah on Tuesday informed Parliament that Rs 2,025.75 crore has been disbursed to 11.61 lakh depositors of Sahara Group of Cooperative Societies as of January 28 this year. Shah, in a written reply to the Lok Sabha, said this disbursement is facilitated through the CRCS-Sahara Refund Portal, which was established following a Supreme Court order on March 29, 2023, aimed at assisting legitimate depositors in reclaiming their funds. Presently, payment up to Rs 50,000 is being disbursed to each genuine depositor against verified claims through Aadhaar-seeded bank account. Further, in case of any deficiency found in the application of the depositor, the same is being conveyed to them for resubmission of the application through the resubmission portal that was launched on November 15, 2023. The ministry is taking all possible steps for payment to the genuine depositors of Sahara Group of Cooperative Societies, he added.
The government has raised the cap on refund amounts for small depositors of the Sahara Group Cooperative Societies to Rs 50,000, up from the previous limit of Rs 10,000, a senior cooperation ministry official said on Wednesday. The government has so far released Rs 370 crore to more than 4.29 lakh depositors of Sahara Group of Cooperative Societies through the CRCS-Sahara refund portal. "With an increase in the limit of refund amount to Rs 50,000, about Rs 1,000 crore payment will be made in the next 10 days," the official said. Last week, the cap on refund amount for small depositors was raised to Rs 50,000 each from Rs 10,000, the official said. The government is vetting the claims of depositors carefully before releasing the refund. Following a Supreme Court order, the CRCS-Sahara refund portal was launched on July 18, 2023, for submission of claims by genuine depositors of Sahara Group's four multi-state cooperative societies for refund of their legitimate deposits. The socie
The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore. The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis. "We grant 15 days' time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis," it said. The bench added, "The Rs 1,000 .
The Supreme Court on Wednesday asked the Sahara Group to apprise it of its officials at the helm and the current shareholders besides the list of unencumbered properties which can be sold to realise Rs 10,000 crore. The amount has to be deposited in SEBI-Sahara refund account for returning the investors' money. In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment within three months. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the court has to find some practical solution for refunding the investors' money as the issue is pending for over a decade. "Sahara Group has said that it will submit some scheme
The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. To a query on why all investors of the Sahara group companies have not come forward to claim refunds, Sitharaman said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting as per the directives of the apex court. "It is true that only small investors have come forward to claim the refunds. The SFIO is investigating the entire matter. It is also looking into why all the investors have not come forward to claim the refunds and where are they," she said during Question Hour. The minister said after the detailed analysis of the SFIO the whole picture will be cleared and action could be taken. She said there were 3.7 crore investors in the Sahara group companies and so far 19,65
The Enforcement Directorate on Thursday said it has seized about Rs 3 crore in cash after it conducted searches against a Kolkata-based cooperative society and the Sahara group as part of a money laundering probe linked to alleged duping of investor funds worth Rs 24,000 crore. The federal agency said in a statement that the raids were undertaken against Humara India Credit Cooperative Society Ltd. at Kolkata, Lucknow and Mumbai. It did not say when these searches were carried out. During the operation, "incriminating" documents including books of account, digital devices of Humara India and other Sahara Group entities were seized along with "proceeds of crime" worth Rs 2.98 crore in cash, it said. The money laundering investigation stems from FIRs registered by Odisha, Bihar and Rajasthan police against the Humara India Credit Cooperative Society, Sahara India Group companies and associated persons. "The society collected more than Rs 24,000 crore from more than one crore investor