In Jharkhand, BJP Pledges Full Refund to Sahara Investors – A Promise That Could Revolutionize the Election Outcome

Once a powerhouse in India’s business landscape, the Sahara Group was a major player in diverse sectors, including Sahara Airlines, Sahara Media, and Sahara Homes. The group also introduced a chit fund scheme that attracted millions of ordinary Indians, primarily from lower-income backgrounds. These investors, contributing as little as Rs 10 to Rs 100 daily, hoped to secure higher returns and a more stable future.

Trouble began when Sahara Group failed to return the invested money, leading to a growing legal and financial crisis. The Supreme Court stepped in, ordering the company to repay a staggering Rs 24,000 crore to investors. However, the group’s inability to meet this demand culminated in the jailing of Sahara’s then-chief, the late Subrata Roy, on March 4, 2014, marking the beginning of the company’s sharp decline.

The fraudulent nature of Sahara’s operations came to light when a letter from Roshan Lal, claiming that bonds issued by Sahara Real Estate Corporation and Sahara Housing Investment Corporation violated regulations, was sent to the National Housing Bank. This prompted further investigations by SEBI, revealing deeper issues within the company’s financial dealings.

Subrata Roy, in his defense, publicly claimed that the scrutiny his company faced was a result of his outspoken political views, particularly his comments about India’s Prime Minister being of Indian origin rather than of Italian descent. According to Roy, this led to top agencies targeting Sahara.

Once praised by the UPA government, the non-banking financial company (NBFC) soon found itself under scrutiny. In 2008, the RBI intervened, banning Sahara India Financial Corporation from accepting new deposits and ordering it to return the funds to investors. While the UPA government had initially supported Sahara’s schemes, reports suggest this support enabled the chit funds to expand unchecked, leaving countless poor investors stranded. However, the change in leadership at the Centre brought renewed hope for investors.

In a significant move, the Modi government has now promised to return every rupee invested in Sahara’s chit fund schemes. A detailed framework has been put in place, allowing investors to apply for refunds within a specified period. The BJP’s commitment to fully reimbursing investors has been highlighted as a key campaign promise for the upcoming Jharkhand elections. This pledge, aimed at securing the support of thousands of aggrieved investors, has the potential to be a game changer, offering the BJP a substantial political advantage in the state.

Reference: https://www.oneindia.com/india/every-penny-invested-by-sahara-investors-will-be-returned-bjp-big-promise-in-jharkhand-011-3979461.html