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The Ministry of Cooperation through the Union Minister of Cooperation  Shri Amit Shah launches a dedicated portal for submission of claims for Sahara Group depositors. The portal is named CRCS-Sahara Refund portal.

Sahara depositors sigh of relief

Credits – Ministry of Cooperation/Twitter

The Supreme Court has earlier this year in March allowed the Union government’s plea seeking release of Rs. 5,000 crore out of the Rs. 24,000 crore in the SEBI-Sahara Fund deposited by the Sahara Group to repay its genuine depositors in a ‘transparent manner’. To put this order in effect, the Government announced that the rightful money of the genuine investors would be refunded out of this fund. It was further that 10 crores investors would get their money refunded within 9 months.

The Sahara Group scam is one of the major largest financial frauds in Indian history involving almost Rs. 24,000 crore of 10 crore investors. Money was sought from depositors by promising high returns on investments but later it was found out that these funds were being raised without regulatory approvals from the Securities and Exchange Board of India (SEBI).

The move of launching a dedicated portal is seen as a positive steps for the grieving depositors who have had deposited their hard earned money in the cooperative societies run by the Sahara Group. In an official statement the ministry said that-

“A portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara Group of cooperative societies namely — Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd,”

Follow the link to see the official press release.

Note – Refunds would be made only against claims of genuine depositors as has been said in the statement. It is expected that the criteria, manner and procedure would be available in detail. Therefore it is suggested that the procedure be read and understood before submitting claims and help be taken from the ministry or consultation be taken from a legal professional.

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