The Union Home Minister and Minister of Cooperation, Amit Shah launched the transfer of funds to the genuine depositors of Sahara Group of Cooperative Societies through Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal in New Delhi on 4 August 2023. Rs 10,000 each was transferred to the Aadhaar linked bank accounts of 112 beneficiaries registered with the portal.
According to Amit Shah priority will be given to one crore investors who had deposited Rs 10,000 or more in the various schemes of the Cooperatives run by the Sahara group.
Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal
Background to the issue
The Sahara scam is one of the largest financial scandals in India .The Sahara group companies involved in real estate and housing raised around Rs 24,000 crore from the investors by issuing Optionally Convertible Debentures .
However the fund was raised without the permission of capital market regulator Securities Exchange Board of India (SEBI). SEBI asked the Sahara companies to return the fund to the investor and stop accepting funds from the investors as it was in violation of the rules. The Sahara Group challenged SEBI order and the case ultimately went to the Supreme Court.
The Sahara group lost the case in the Supreme court and the Supreme Court ordered it to return the money to the investor. This case led to more investigation against the Sahara group . It was charged with violation of rules,money laundering and action was taken against it , Its funds were frozen and its license cancelled .