Three Sahara Group Firms Restrained From Collecting Public Deposit, Says Government

Three Sahara Group firms – Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd. and Humara India Credit Cooperative Society Ltd. – have been restrained by a court from collecting any deposits from the public, the government said on Wednesday.

In an official statement, Union Cooperation Ministry said, ‘… the Delhi High Court vide order dated March 22 … has restrained Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh and Humara India Credit Cooperative Society Ltd., Kolkata, West Bengal from collecting any deposits from the public. ‘ In October 2020, the beleaguered group had said it had paid Rs 3,226 crore to more than 10 lakh members of its four associated cooperative credit societies in the last 75 days, which included payments against requests from people who had complained about delayed payouts.

Sahara had then said there has been some delay in payments, primarily due to an embargo imposed for last eight years by the Supreme Court, while approximately Rs 22,000 crore of its funds, including interest amount, are deposited in the Sahara-SEBI account which was created to refund bondholders of the group firms.

Sahara group’s statement had come after the Central Registrar of Cooperative Societies sought a probe by the Serious Fraud Investigation Office into investments made by four cooperatives associated with the Sahara group from over Rs 86,600 crore collected by them. The credit societies had refuted the charges and said all their investments have been made as per the law.

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