Crores of depositors who invested their hard-earned money in Sahara India are still waiting for the return of their money. This wait did not end even when the CRCS-Sahara Refund Portal was launched on 18 July 2023. This portal was started under the order of the Supreme Court to get the money back to those who deposited money in the Sahara. Investors who invested in Sahara India's multi-state cooperative societies have raised many questions to the government and SEBI (Securities and Exchange Board of India) regarding the refund process. Recently, while responding to this issue in Parliament, Minister of State for Finance Pankaj Chaudhary clarified the situation.

In Parliament, MP Sunil Kumar questioned the government whether crores of rupees of the poor are stuck in Sahara India Finance and has the government started any portal for the return of investors' money. It was also asked how many investors have got their money back so far and by when will the money be refunded to the remaining investors.

The government told the figure.
Minister of State for Finance Pankaj Chaudhary informed that the Supreme Court in its order dated August 31, 2012, had directed Sahara India Real Estate Corporation Limited (SIRECL), Sahara Housing Investment Corporation Limited (SHICL), and their promoters to deposit Rs 25,781.37 crore with SEBI. As of March 31, 2024, SEBI has received Rs 15,775.50 crore.

How much money has been returned so far?
As per the instructions of the Supreme Court, SEBI invited applications for a refund from the bondholders of SIRECL and SHICL. After checking the documents and confirming the validity of the application, a total of Rs 138.07 crore has been refunded to 17,526 eligible bondholders. However, this process is still going on and SEBI is constantly monitoring the situation.

The Supreme Court has directed SEBI to refund the remaining amount within 9 months. Apart from this, an agreement has been proposed to develop land located in Versova, Mumbai, under which the concerned companies have been given a last chance to deposit Rs 1,000 crore.

The case of Sahara India Commercial Corporation Limited (SICCL) and its directors is currently pending in the Supreme Court. Further action in this case will be taken on the basis of the court's orders.

Will the investors get their money?
The government and SEBI say that the refund process is complicated and may take time. However, every possible effort is being made to get the investors their money back as per the Supreme Court's order.

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