Sahara India Scam has More than Rs 1 lakh crore funds of around 13 crore investors are stuck. Of these, more than Rs 47,000 crore is stuck in Sahara Credit Cooperative Society limited and over Rs 19000 crore in Sahara India Real Estate Corporation Limited (SIRECL).
According to government data, Sahara India has deposited an aggregate amount of Rs.15,506.81 crores (against the Principal Amount of Rs 25,781.37 Crore) into the designated ‘SEBI-Sahara Refund’ Account.
So far, SEBI has made refunds with respect to 17,526 eligible bondholders involving 48,326 Original Bond Certificates/Pass Books for an aggregate amount of Rs. 138.07 Crores (i.e., Rs. 70.09 Crores as Principal and Rs. 67.98 Crores as an Interest). SEBI has been criticised several times for not paying the dues it has already collected in the Refund account. But the fact remains that a majority of the funds have not been deposited yet by Sahara India.
Nothing epitomises Subrata Roy’s meteoric rise in India more than the Lambretta scooter that stands enclosed in a cubicle in Lucknow's Sahara Shaher. Roy stayed with his parents and siblings in a rented house in the Turkmanpur area in Gorakhpur.
Roy tried his hand first at making salted snacks, apparently supplying them on the Lambretta under a venture called Jaya Products. But nothing including this salted snacks business worked for him.
However, soon Subarato Roy hit jackpot when he started “Sahara” a para-banking group in Gorakhpur. He focused on small investors, such as tea-stall owners and rickshaw-pullers, who set aside as little as Re 1 a day and chose to entrust the money to Sahara India Financial, the group's flagship firm.
Sahara Group in 30 years went on to become an empire. Some of its assets included, an extensive media network, a full-scale scheduled commercial airline, Air Sahara (sold to Jet Airways in 2006 for over $500 million), and acquisitions in the premium hospitality segment (including a controlling stake in New Yorks landmark Plaza Hotel and Londons iconic Grosvenor House Hotel) and an IPL team. The group had a high-profile lead sponsorship of the Indian cricket team, and Indian Hockey Team as well as a stake in the Vijay Mallya Formula One team.
He organised much-talked-about events, graced by movie stars, politicians and corporates, and left the country stunned with the February 2004 wedding of his two sons at Sahara Shaher. Stars would perform at gigs in his own private auditorium at the Shaher. In fact, Sahara Shaher was a kingdom in its own regard.
It has everything that one needs for a comfortable living—a helipad, a cricket stadium, a mini sports complex, a lake 11-km in circumference, an 18-hole mini-golf course, a revolving open-air stage, a state-of-the-art auditorium that can accommodate 3,500 people, a 124-seater cinema theatre and a five-bed health centre with an ambulance, besides a fire brigade station and a petrol pump.
All this wasn’t possible for Subarato Roy without having ties across party lines. It was also rumoured that Sahara was a money laundering machine for various politicians. It has been noticed that except for Mayawati and a few Congress politicians, Subarato Roy was a favourite of the whole political class across India.
And how can one forget the 1,500 km south of the Sahara Groups Lucknow headquarters, the Aamby valley luxury township in Maharashtra? According to Aamby Valley Ltd 2009-10 balance sheet, the project was spread over 10,600 acres. It offered 600–800 luxury bungalows priced between ₹5 crore to ₹20 crore and had three man-made lakes.
But from 2008 onwards, Sahara India Group and Subarto Roy started facing bad times from which it hasn’t recovered yet.
To know the exact story of the fall of Subrata Roy check out the vide
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