Sahara India Parivar Money Refund Online Latest News 2023

CRCS Sahara Refund Money Online Link Portal

Sahara India Pariwar Overview

InformationDetails
Company NameSubrata Roy Sahara Conglomerate
FounderSubrata Roy Sahara
HeadquartersLucknow, Uttar Pradesh, India
Business ModelSub-sectors include finance, entertainment, infrastructure, healthcare, insurance, retail, education (edunguru), electrical vehicles (Sahara evols), AI, etc.
SponsorshipOwned and sponsored many sports teams, including Indian National Cricket Team and Indian National Hockey Team
Notable AchievementsHad a stake in a Formula One motor racing team and agreed to buy a controlling stake in New York’s Plaza Hotel
ReputationPreviously had a good reputation, but now is under the list of biggest scammers in India
Latest NewsNo information provided about the latest news, but the article mentions discussing the frauds committed by Sahara till 2011 and the company’s current situation in 2022.

Who is eligible to claim through the CRCS Sahara refund portal?

who had deposited Rs. 10,000 or more.

Which documents are required to apply on the CRCS Sahara refund portal?

The depositor must have,

  1. Membership number
  2. Deposit account number
  3. Mobile Number linked with Aadhaar (Mandatory)
  4. Certificate of Deposit/Passbook
  5. PAN Card (if the claim amount is Rs.50,000/- and above it is mandatory)

How to apply for a refund in CRCS Sahara Refund Portal?


To apply for a refund, follow these steps:

Step 1: Go to the Official website mocrefund.crcs.gov.in
Step 2: upload your payment proof documents/receipts and
Step 3: click on the submit option after which you will get the receipt of your application which you have to print and keep safe etc.
Step 4: Refund Amount will be credited to the bank account of the depositor.

Sahara India Pariwar, a conglomerate business founded in 1978 by Subrata Roy Sahara, had its headquarters in Lucknow, Uttar Pradesh, India. The business model included sub-sectors such as finance, entertainment, infrastructure, healthcare, insurance, retail, education, electrical vehicles, and AI. Sahara India also sponsored and owned many sports teams and made significant production in the Indian entertainment industry.

The Rise of Sahara India

From having a stake in a Formula One motor racing team to agreeing to buy a controlling stake in New York’s Plaza Hotel, Sahara collected some trust among the giants around the world. It became a household name in India with its title sponsorship for Indian National Cricket Team and Indian National Hockey Team.

Sahara India Investor Fraud Case

However, the company now comes under the list of some of the biggest scammers in India. The reason is the fraud committed by Sahara till 2011 and the latest 2022 news of Sahara India. The Sahara fraud started when the company submitted the Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).

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The Sahara Parivar Group Scam Timeline

On 09th September of 2009, Sahara Prime City (a real-estate venture of Sahara Group) submitted the DRHP for Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC). SEBI analyzed and found a few issues in the manner in which the company was raising funds for SIREC and SHIC. SEBI also received complaints alleging that SIREC and SHIC were raising funds in the name of bonds called Optionally Fully Convertible Debentures (OFCD).

The Investigation and Final Order

Further investigation revealed that Sahara Group had already raised more than INR 24,000 crores from approximately 2.5-3 crore small and big investors through OFCD. When SEBI asked for clarification, Sahara claimed that the bonds were hybrid and did not come under the jurisdiction of SEBI. However, Sahara’s fundraising was considered illegal as the permission to raise money from more than 50 people was supposed to be taken from SEBI. Both the companies involved were then asked to stop raising funds from the public and return the money to investors with 15% interest.

The Supreme Court’s Verdict

On June 23, 2011, the final order was passed by the regulator, while the group appealed to the Securities Appellate Tribunal. On October 18, 2011, SEBI’s orders were confirmed and upheld by the Tribunal, asking the Sahara companies to refund the decided amount to all the investors. When the Sahara India Group moved to Supreme Court to appeal, the court also passed the order for both the Sahara companies to deposit the outstanding amount with SEBI to all the 2.5 crore+ investors within the time period of 3 weeks by either giving sufficient bank guarantee or attaching properties worth the amount raised through OFCDs.

Subrata Roy Sahara’s Arrest

While the group paid the required first installment but failed to pay the other two installments, in February 2014, Subrata Roy Sahara, along with two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, was arrested. Roy was released on parole after serving approximately two years in jail. In 2016, Roy was released on parole after serving approximately two years in jail.

How much money has Sahara India Group already paid to the investors (2020-2021)?

On the occasion of 42nd Foundation Day, Roy said he has always kept intact the tradition of timely payments, but in the last 7 years due to some “undesirable circumstances”, the payments got delayed. 

He also mentioned that all the assets (mortgaged or sold) have been deposited in a Sebi-Sahara account because of an embargo imposed by the Supreme Court. Roy also said, “Out of this, we cannot use even a single rupee for organizational work or even towards repayment to the esteemed investors,”. 

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“Keeping in mind the directions of the Supreme Court, certain agreements have been signed, which will resolve Sahara’s problems within this year, that is 2020,” Roy said.

Sahara Group deposited INR 15,448.67 crore to the refund account, as on February 1, 2020, and a cheque of INR 41.59 crore crores was also deposited in late January. In terms of applications, SEBI received 19,560 applications in total involving 53,361 bond certificates for an amount of INR 81.3 crore. Accordingly, SEBI has already returned money to 14,146 applicants, involving 34,499 certificates, for an amount of INR 109.86 crore, stated the Minister of State for Finance Anurag Thakur. 

As the money was supposed to go through SEBI only, there were advertisements put out by SEBI for the investors to file for refunds. The last advertisements were issued in the month of June 2018, letting people know that the last day for receiving refund applications was July 2, 2018, and no claim would be accepted after that. 

Sahara Group’s Take on the Refund Process: Latest News:

InformationValue
The total amount of applicationsINR 15,448.67 crore
The amount deposited in a cheque in late JanuaryINR 41.59 crore
Total number of applications received19,560
Total number of bond certificates involved in applications53,361
Number of applicants who received a refundINR 81.3 crore
Money returned to applicantsINR 109.86 crore
Number of applicants who received refund14,146
Number of bond certificates involved in refunds34,499
Last date for receiving refund applicationsJuly 2, 2018

In this situation in 2020, Roy mentioned in his letter to investors that around INR 23,000 crore was already deposited in the Sebi-Sahara account, but after nearly 9 years of orders, SEBI could only repay a little over INR 129 crores to the investors of both the Sahara companies: Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) with the orders of the Supreme Court. 

In 2021 Sahara Group said that approximately INR 25,000 crores have already been deposited in the Sahara-Sebi account (including interest), and SEBI is “unreasonably holding INR 25,000 crore of Sahara and its investors”.

Sahara added that SEBI stopped entertaining any refund forms after July 2018, referring to the newspaper advertisements sent out by SEBI. “This huge amount of money is lying unutilized, idle in the banks which is not only hurting the interest of Sahara as a business organization but also impeding the economic growth of our country, especially in these testing times of economic slowdown,” the Sahara Group stated. 

“In this way, Sahara is providing bread and butter to more than 14 lakh people in their own villages and towns. It is the country’s second-largest human capital after Indian Railways. This amount could have been used by the organization to generate more employment and work and helped the country and therefore its economy,” it added.

SEBIs annual report for 2020-2021 said that its actions in the case are overseen by Justice (Retd) B.N. Agarwal who is appointed by the Supreme Court in this matter. Also that the details and status reports are provided to the court from time to time. As of March 31, 2021, 22 status reports have been filed by SEBI before the Supreme Court in the Sahara matter. SEBI has also filed an Interlocutory Application dated October 21, 2021, seeking further directions from the Supreme Court in the matter. 

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Sahara India Investors’ Refund Status 2022:

In the latest update to Sahara scam 2022, on the basis of varied documents, SEBI has finally made refunds for a total of 17,526 bondholders who were eligible for an aggregate amount of 139.07 crores through NEFT/RTGS (to their respective account no. and IFSC codes provided). And further proceedings are also in order with the Supreme Court.

Different sources have mentioned different actions being taken to make progress in the Sahara refund case, a few of the latest updates on the Sahara India Scam are as follows:

  • BJP MLA Navin Jaiswal raised questions in the state assembly regarding the Sahara India scam. He said that the poor people have invested more than INR 25,000 crores with the Sahara schemes, and are now facing difficulties in being able to get a refund on the same. He demanded to set up a helpline number for the Sahara scheme victims. To Rameshwar Oraon (Jharkhand state’s finance minister) replied that they are keeping tabs on the situation and are working towards helping the victims. 
  • There is intense pressure on the employees of Sahara India. Many of the Sahara employees and agents met Bokaro MLA and BJP chief whip Branch Narayan to put forward their memorandum. As per the initiation by Narayan, in the past he had written to Prime Minister Narendra Modi, the Union finance minister and chairman of SEBI, telling them about the ordeal faced by the employees of Sahara India. 
  • Pradeep Kumar (a SEBI counsel) told the amount of payments that have already been made to the investors and the application for further actions regarding the utilization of the funds has also been filed before the Supreme Court. 
  • SEBI has been asked by the High Court to either show any order of the Supreme Court restraining the use of such funds or ensure the repayment to all the Sahara investors respectively.
  • The High Court in the previous orders also mentioned that the investors whose deposits have matured and didn’t get the refund by Sahara Group may file applications along with their claim papers, where a number of applications have been received. 

Sebi Sahara Refund Online Application Form 2022

Details related to names of the investors, addresses, Sahara account numbers, the number of bonds, the amount invested, and the mode of investment (cash, cheque, or draft) are required for the refund. The investors are also to provide photographs, ID proof, bank account details, and their original bond certificates along with the details for the electronic transfer of money to their accounts.

Proof of marked changes in the addresses or marital status since the time of their investment is also compulsory. SEBI also mentions that Income Tax would be deducted at the source wherever applicable unless a recommended form to claim exemption from deduction of tax at source is received along with a refund application in accordance with the relevant provision of the Income-tax Act.

SEBI asks the investors to email them directly at sebi@sebi.gov.in for any related queries to their investments. SEBI toll-free number for Sahara refund: 1800 266 7575 or 1800 22 7575. 

Any further information related to the Sahara scam is yet to come. We update information as it arrives, so stay tuned for more. 

Sahara India Latest Update 

  • Sahara India Group raised money from around three crore investors through the public issue of Optionally Fully Convertible Bonds (OFCDs).
  • Sahara India issued securities without following the prescribed norms protecting the interest of the investors.
  • In 2011, SEBI ordered Sahara India to return the money of all investors, but even today many depositors haven’t received their money.
  • The government is taking strict actions against the matter and trying its best to refund the money of all investors.
  • Sahara India informed all the investors about the refund through letters in various newspapers, but nothing happened.
  • The High Court has asked Sahara India to deliver a plan for refunding the deposits of investors with interest.
  • SEBI has imposed a penalty of Rs.12 crores on Sahara India Real Estate Corporation (SIRECL), Sahara Housing Investment Corporation (SHICL), Subrata Roy, and three others in violation of the SEBI act.
  • A consumer forum in the Gopalganj district of Bihar has asked Sahara to refund the matured deposits of all investors with 9 percent interest.

SEBI toll-free Number and Email id for Sahara Refund

SEBI asks the investors to email them directly at sebi@sebi.gov.in for any related queries to their investments. SEBI toll-free number for Sahara refund: 1800 266 7575 or 1800 22 7575.

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5 thoughts on “CRCS Sahara Refund Money Online Link Portal

  1. Can anyone provide me the latest update regarding refund of sahar investment. Is there any helpline no. or any email id where i can contact for my refund. Plz help if you have any information regarding this.

  2. Sir ji mera sahara india pariwar me 5 Account he 4 saal hogeya he mujhe mera Rupiya kab milega..meri khoon paina ka kamai he bohat mehenet se kamaya he mene ek ek paisa jorke humne sahara me paisa rakha tha ki meri jarurat me kaam me ayega par mujhe abibhi paisa nehi mila…mera request he ki sir ji mera paisa joldi se joldi humki de..thank you sahara india pariwar…?

  3. To,
    Shri Vijay Kumar ,IAS
    Additional Secretary &
    Central Register of Cooperative Societies,
    Room No : 122 (Office of CRCS : Room No 26B )
    Department of Agriculture, Cooperation & Farmers welfare
    Ministry of Agriculture & Farmers Welfare , Krishi Bhawan,
    New Delhi PIN 110 001
    Phone: 011-23381305 Date-03/08/2022

    Subject: Prayer for urgent maturity Payment of AC NO-72037800353 & 72037800354 ,Opening date-30/09/2019 of SAHARA CREDIT COOPERATIVE SOCIETY LIMITED ,Maturity payment (Rs.20646/- and Rs.20646/-)=Total Rs.41292/-( Forty one thousand two hundred ninety two only)

    Dear Respected Sir,
    I am a Policy holder of SAHARA CREDIT COOPERATIVE SOCIETY LIMITED. My policy Account no=72037800353 & 72037800354, Opening date- 30/09/2019 and Maturity AMOUNT ( RS.20646 + RS.20646 ) = Total Rs.41292/- ( Forty one thousand two hundred ninety two only ). I do not pay any amount of last 3 years from sahara india. Sahara india do the all time Reinvestment to me. I was prayer to many time for maturity payment. But sahara india do not give me any payment of long time.

    Sir, Presently I have been suffering from HIGH BLOOD PRESSURE,DIABETES and POOR EYE SIGHT and accordingly it is very much hardship for me to make any work. My doctor advised me to go to better treatment .Now I am 55 years old. I have no money .

    Therefore, I shall highly be obliged if you would kind enough to give me maturity Payment of SAHARA CREDIT COOPERATIVE SOCIETY LIMITED and I shall go to higher & better treatment .
    Thank you

    Yours faithfully,

    …………………………………………
    (Lakshman Chandra Biswas)
    S/O Late- Jitendra Chandra Biswas
    S.J.Road bye Lane, East Khagrabari,
    PO-KHAGRABARI,PS-Kotwali,
    Dist-Cooch Behar,Pin-736179.
    Mobile no-8918168239.
    MY BANK ACCOUNT DETAILS:-
    LAKSHMAN CHANDRA BISWAS
    CENTRAL BANK OF INDIA
    A/C NO- 1301277362
    IFSC CODE- CBIN0281032
    COOCH BEHAR BRANCH
    ADHAR NO- 9170 2415 1512
    PAN NO- AHNPB6815C.

  4. Sir ji . Mera 6 year ho gya hai sahara me Paisa jama kiye hum log bahut parshan hai. Please jldi se jldi Mera paise mujhe refund kr dijiye. Thank kyu sahara parivar

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