There was a time when Sahara Group was among the top industries of the country. Sahara Group had dominance in many sectors ranging from Sahara Airlines, Sahara Media, Sahara Homes. Chit fund scheme was also started by Sahara, in which crores of Indians invested their hard-earned money in the company. Among those who invested in this scheme, the poorest section of the society participated, who regularly invested small capital ranging from Rs 10 to Rs 100 from their earnings every day so that they could get better returns and their future could be secure.
But apart from this, when Sahara Group refused to return the money of these investors, Sahara’s troubles started increasing and the Supreme Court started tightening the noose against Sahara. The Supreme Court directed to return Rs 24 thousand crores to investors. Sahara’s Mr. Subrata Roy was sent to jail on 4 March 2014 for failing to pay investors, due to which Sahara Group continued to go down.
This entire fraud was exposed when National Housing Bank received a letter in the name of Roshan Lal. It was written in this letter that Roshan Lal is a resident of Indore and he is a CA by profession.
He had requested NHB to issue bonds on behalf of Sahara Real Estate Corporation and Sahara Housing Investment Corporation. He had alleged that Sahara did not issue the bonds of the companies as per the rules. After which this letter was sent to SEBI.
In fact, Subrata Roy had openly said in front of the media that the Prime Minister of the country should be an Indian and not an Italian. He had said that because of this statement of mine, the top agencies of the country started tightening the noose against the company.
Questions were being raised on the NBFC which was praised by the UPA government. In 2008, RBI took action against Sahara India Financial Corp Limited and banned people from depositing their money in it and asked Sahara to return the people’s money.
According to the report, Sahara’s chit fund scheme started expanding with the help of the then UPA government. Subrata Roy himself had said that at the time when this scheme was started and the time when action was started against it, the Finance Minister of a country was the same person. In such a situation, how despite being a minister, there was a change in thinking.
According to the report, due to the deep influence between Sahara and UPA, chit fund business continued to flourish, but due to this, the poor class of the country started getting crushed and the crisis on their hard-earned money started deepening. But with the change in power at the Centre, investors’ hopes began to rise.
It was announced by the Modi government that every penny of the people who invested in Sahara’s chit fund will be returned. For this, a complete blueprint was prepared by the government and people were asked to apply for refund within the stipulated time limit.
BJP openly claimed that every penny of Sahara’s investors would be returned. In Jharkhand, the party took this issue forward as an important election promise. In such a situation, it is believed that BJP can get a big benefit from this in Jharkhand elections and it can prove to be a game changer for BJP.
