Amit Shah launches Sahara Refund Portal, says genuine depositors to get money back within 45 days

Union Home Minister Amit Shah on Tuesday said that the process of returning money of the investors stuck in Sahara’s co-operative societies for many years has started. Addressing the launch program of ‘CRCS-Sahara Refund Portal’, he said that all “genuine depositors” of the Sahara Group’s cooperative societies will get their money refunded with in 45 days. “This portal will help 1.7 crore depositors register themselves in first phase… Genuine depositors will get their money back. The claim of these depositors will be settled…The money will be refunded to the bank account of depositors within 45 days,” the Union Home Minister said. On Monday, Shah had tweeted that as part of the ‘Sahara Refund Portal’, the Modi government is moving towards fulfilling the resolution of returning the deposits of the investors “Tomorrow is a special day for those whose money was stuck in Sahara’s cooperative societies for many years. The Modi government is moving towards fulfilling the resolution of returning the deposits of those investors, under which the ‘Sahara Refund Portal’ will be launched tomorrow. The commitment of the Ministry of Cooperatives under the leadership of Prime Minister Modi will bring relief to all those people who are waiting to get back their hard earned money,” Shah tweeted.

सहारा की cooperative societies में जिन लोगों के कई सालों से रुपये फँसे हुए थे, उनके लिए कल एक विशेष दिन है। मोदी सरकार उन निवेशकों की जमा राशि को लौटाने के संकल्प को पूरा करने की दिशा में आगे बढ़ रही है जिसके अंतर्गत कल “सहारा रिफंड पोर्टल” का शुभारंभ होगा।

प्रधानमंत्री मोदी जी… https://t.co/VdN2txWtT2

— Amit Shah (@AmitShah) July 17, 2023

On 29 March, the government had said money will be returned to 10 crore investors of the four cooperative societies within nine months. The announcement followed a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). To begin with, he said, depositors would get up to Rs 10,000 refund and subsequently the amount would be enhanced for those who have invested higher amounts. The corpus of Rs 5,000 crore would be able to take care of the needs of 1.7 crore depositors in the first phase, he said. About 2.5 crore people have deposits of up to Rs 30,000 in the four cooperative societies namely Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd. “Once the Rs 5,000 crore is utilised, we will approach the Supreme Court and request them to release more money so that the total refund of other depositors with higher amounts are processed,” Shah said. In a statement on Tuesday, the cooperation ministry announced the launch of the portal. “A portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara Group of cooperative societies namely - Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd,” the ministry said. With inputs from agencies