2.5 lakh investors of Sahara Group cooperative societies got back Rs 241 crore: Amit Shah

On August 4, 2023, Shah had released the first tranche of refunds to “genuine depositors” of Sahara Group of Cooperative Societies through CRCS-Sahara Refund Portal. In the first tranche, an amount of Rs 10,000 each was transferred to the bank accounts of 112 beneficiaries.

The CRCS-Sahara Refund Portal was launched on July 18, 2023. Through this portal, depositors of four cooperative societies of Sahara Group — Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited — can submit their claims to get their money back.

In its order on March 29, 2023, the Supreme Court had directed that Rs 5,000 crore should be transferred out of the “Sahara-SEBI Refund Account”, to the CRCS for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. The process of disbursement is being supervised and monitored by Justice R. Subhash Reddy, former judge of Supreme Court. It was after the Supreme Court’s order that the Cooperation Ministry developed the portal.