New Delhi
Union Home Minister and Minister of Cooperation, Amit Shah, initiated the transfer of funds to genuine depositors of the Sahara Group of Cooperative Societies through a specially developed portal, marking a significant step in resolving the long-standing grievances of investors.
According to a press release issued by the Ministry of Cooperation, 112 beneficiaries have already received INR 10,000 each into their bank accounts. The release assured that all investors would have their money refunded promptly.
During his address, Amit Shah praised the work of all agencies involved and expressed satisfaction at the timely accomplishment of recovering deposited money. He emphasised that the Narendra Modi-led government is resolute in its commitment to safeguarding the rights of all citizens. The initiative is seen as a major success for the Ministry of Cooperation in this regard.
The launch of the CRCS-Sahara Refund Portal on July 18, 2023, was met with the promise that genuine depositors would be paid within 45 days of registering. However, through a collective effort by a committee constituted by the Supreme Court and various government agencies, the payment process has been expedited, far exceeding the initially set timeline.
Shah revealed that around 33 lakh investors have registered on the CRCS-Sahara refund portal, which serves as the submission gateway for legitimate claims by depositors from various cooperative societies under the Sahara Group.
The portal will particularly aid members of the Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd.
To address the longstanding grievances regarding the payment of legitimate deposits, the Ministry of Cooperation had previously filed an application in the Supreme Court of India. Following this, the Apex Court, in an order dated March 29, directed the transfer of INR 5,000 crores from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) for disbursement against legitimate dues. This move signals a significant step towards resolving the investor-related
concerns associated with the Sahara Group of Cooperative Societies, reflecting the Indian government’s commitment to safeguarding investors’ interests and promoting a cooperative and transparent financial environment.