Sahara Refund Portal launched: Amit Shah said “genuine depositors will get their money back.”

Crores of rupees of investors in Sahara India’s schemes have been stuck for years. However, SEBI has only returned 138.07 crore to Sahara India’s investors, including principal and interest.

 

On March 29, the government announced that money would be returned to 10 crore cooperative society investors within nine months.

Announcement was followed a Supreme Court order directing the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS), the announcement was made.

 

On Tuesday, Union Cooperation Minister Amit Shah launched a refund portal for four cooperative societies of Sahara Group depositors. All “genuine depositors” of the Sahara Group’s cooperative societies will have their money refunded to their bank accounts within 45 days, according to Shah.

 

While launching the ‘CRCS-Sahara Refund Portal’, Amit Shah said, this portal will assist 1.7 crore depositors in registering. Genuine depositors will be reimbursed. These depositors claims will be settled and depositors money will be refunded to their bank accounts within 45 days.

He further added, “Initially, depositors would receive a refund of up to Rs 10,000. The amount would then be increased for those who had invested more money. In the first phase, the Rs 5,000 crore corpus would be enough to cover 1.7 crore depositors.”

Amit Shah also tweeted, “Tomorrow is a special day for those whose money has been trapped in cooperative societies in Sahara for many years. The Modi government is working to fulfill the resolution of returning those investors’ deposits, and the ‘Sahara Refund Portal’ will be launched tomorrow. The commitment of the Ministry of Cooperatives, led by Prime Minister Modi, will bring relief to all those who have been waiting for their hard-earned money to be returned.