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by Suryaa |
Jharkhand News: Once a dominant force in India's corporate world, the Sahara Group was known for its extensive reach across various sectors such as airlines, media, and real estate. However, the group's reputation took a significant blow due to a massive controversy involving its chit fund scheme, which lured millions of lower-income Indians with promises of better returns. The scandal left many investors stranded, sparking a series of legal and political battles that continue to reverberate.
The Rise and Fall of Sahara Group
The Sahara Group's chit fund scheme promised financial security to millions of Indians, who invested small amounts daily, hoping for a stable future. These small deposits, ranging from Rs 10 to Rs 100, made it accessible for lower-income groups. But when the group failed to repay the invested amounts, the matter escalated, with the Supreme Court ordering Sahara to refund Rs 24,000 crore to investors. This ruling, alongside the group's continued failure to meet its obligations, led to the arrest of Subrata Roy, the then-chairman of Sahara, on March 4, 2014. His imprisonment marked the beginning of the group’s steady decline.
Allegations and Scrutiny
In addition to the financial troubles, Sahara faced allegations of regulatory non-compliance. The nature of the scheme became clearer when a letter allegedly from Roshan Lal, a whistleblower, reached the National Housing Bank, accusing Sahara's real estate and housing corporations of issuing non-compliant bonds. This sparked an investigation by the Securities and Exchange Board of India (SEBI).
Subrata Roy publicly claimed that his company faced unnecessary scrutiny after making remarks about India's Prime Minister not being of Italian origin. He suggested that these comments led to the increased attention from government agencies targeting his company.
Political Interference and Investor Hopes
Sahara’s financial troubles worsened when the Reserve Bank of India (RBI) intervened in 2008, banning Sahara India Financial Corporation from accepting deposits and ordering it to return the investors’ money. This came after reports suggested that the UPA government had turned a blind eye to the company’s schemes, allowing them to grow and entrap millions of poor investors. However, as political dynamics shifted with the rise of the Modi government, the fate of the investors seemed to improve.
BJP's Pledge to Return Every Penny
The Bharatiya Janata Party (BJP) has made a bold promise ahead of the Jharkhand elections, pledging to return every penny invested by Sahara's chit fund investors. A clear framework has been developed for the investors to apply for refunds within a specified period. The BJP’s firm stance on this issue is poised to play a pivotal role in the upcoming elections, with many viewing this as a potential game-changer for the party.
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