Sahara Group

ED attaches fresh assets worth over Rs 1,500 crore in Sahara case

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

ED attaches Aamby Valley land worth Rs 1,460 crore in Sahara case

This land was purchased in benami names with funds diverted from Sahara group entities

ED attaches ₹1,460 cr Aamby Valley land in probe against Sahara Group

The Enforcement Directorate has attached ₹1,460 crore worth of benami land in Aamby Valley, seizing 707 acres linked to diverted investor funds in the Sahara probe

Disbursed Rs 2,026 cr to Sahara cooperative societies' depositors: Shah

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.

Over Rs 2,000 cr distributed to 1.16 mn Sahara Group depositors: Amit Shah

Union Home Amit Shah said that the refunds are being processed with full transparency, contingent on proper identification and submission of valid proof of identity and deposits

SC tells Sebi to review development proposals for Sahara's Versova property

The court directed both the developers to deposit Rs 1,000 crore via a demand draft, saying it will not be encashed until the court takes a final decision in the matter

Govt raises refund amounts cap for Sahara Group depositors to Rs 50,000

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

SC directs Sahara to deposit Rs 1,000 cr, allows JV to develop Mumbai land

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 .

SC asks Sahara Group to furnish list of top officials, properties for sale

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

SFIO carrying out detailed probe into Sahara group companies: FM Sitharaman

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

ED raids Sahara group, Kolkata based co-op society; seizes Rs 2.98 cr cash

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

Sahara Group threatens legal action over 'Scam 2010' web series controversy

The latest web series, hailed as a 'dust-to-diamonds story of maverick businessman Subrata Roy', by filmmaker Hansal Mehta faces backlash as Sahara Group

Centre to move SC again to get funds from Sahara Group to repay investors

The cooperation ministry has also launched a portal where investors can make an application to get their money stuck in societies

Max Healthcare Institute acquires Starlit Medical Centre for Rs 940 crore

Within its current network, it has 3,533 beds, and following this acquisition, the total bed count would approximately touch around 4,083 beds

Sahara-Sebi refund account may be transferred to govt, says report

The funds are expected to be used for pro-poor programmes or public welfare, the report stated

Legal proceedings against Sahara group to continue: Sebi chairperson

Case is against group or entities and not against one individual, says market regulator after death of Subrata Roy

From Lambretta to Aamby Valley Project: The rise and fall of Subrata Roy

With Subrata Roy's death, a chapter of financial violations, described by many as one of India's biggest Ponzi schemes, comes to an end

Funds over Rs 25,000 cr with Sebi in focus after Subrata Roy's death

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31

Sahara Group chief Subrata Roy dies of cardiorespiratory arrest at 75

According to the company statement, he was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated

Sahara refund process begins: How to claim, eligibility and other details

On March 29, the government said money would be returned to 10 crore investors within nine months.