Sebi has come across serious anomalies and a huge number of possibly fictitious investors after analysing truck loads of documents submitted by Sahara to substantiate its claim of over Rs 20,000-crore refunds.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers and through other avenues, especially in northern and eastern states of the country.
Sahara Group, whose chief Subrata Roy was on Tuesday sent into judicial custody, had deposited Rs 5,120 crore with Sebi after court orders. It claims to have already refunded all but Rs 2,000 crore in cash directly to investors. Sebi has contested Sahara’s direct refund claims. Also, Sebi’s analysis of documents has thrown up large-scale mismatch — in dates on application forms and redemption vouchers, addresses, names, bond details, among others — in these papers, sources said.
A large chunk of these details have also been presented before the Supreme Court through written and oral submissions, they said. The months-long analysis, which was conducted with the help of hundreds of scanners, computers and a robotic system installed at a huge warehouse in suburbs of Mumbai, began early last year after Sahara delivered more than 100 trucks full of cartons of documents.