Crores of depositors of Sahara group to get their money back

Amit Shah made the statement while addressing the launch program of 'CRCS-Sahara Refund Portal'

Crores of depositors of Sahara group to get their money back

Union Home Minister Amit Shah on Tuesday said that the process of refunding investors' money stuck in Sahara's co-operative societies for many years has started. Addressing the launch program of 'CRCS-Sahara Refund Portal', he said that Sahara Group's All "genuine depositors" of cooperative societies will get their money back in 45 days.

The Union Home Minister said that “This portal will help 1.7 crore depositors to register themselves in the first phase, genuine depositors will get their money back, claims of these depositors will be settled, deposits will be credited to the bank account of the depositors within 45 days.”

On Monday, Shah had tweeted that the Modi government is moving towards fulfilling the resolution of returning investors' deposits under 'Sahara Refund Portal'.

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On March 29, the government had said that money would be returned to 10 crore investors of four cooperative societies within nine months. The announcement came after the Supreme Court ordered the transfer of INR 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS).

Depositors will get a refund of up to INR 10,000 and later the amount will be increased for those who have invested a higher amount. The INR 5,000 crore fund will be able to take care of the needs of 1.7 crore depositors in the first phase. About 2.5 crore people have deposits up to INR 30,000 in four cooperative societies, Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Hamara India Credit Cooperative Society Ltd. and Stars Multipurpose Cooperative Society Ltd.

"Once INR 5,000 crore is utilised, we will approach the Supreme Court and request them to release more funds so that the total refund of other depositors with higher amounts can be processed," Shah said.

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