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HomeNewsAmit Shah Launches Portal for the Refund of Sahara Group Depositors' Money

Amit Shah Launches Portal for the Refund of Sahara Group Depositors’ Money

Initiative Begins to Return Rs 5,000 Crore to Depositors through Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal. (Amit Shah)

New Delhi, 18 july (City Times): Union Home Minister Amit Shah announced on Tuesday the launch of the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal, signaling the commencement of the process to return Rs 5,000 crore to depositors of the Sahara Group of Cooperative Societies. This move aims to provide relief to the investors who have been waiting to retrieve their hard-earned money, which had been stuck due to the scam. Shah highlighted that the payment procedure is initiated on a trial basis, demonstrating the government’s commitment to ensuring transparent and efficient refunds through the portal.

During the initial phase, the first set of payments, up to Rs 10,000, will be disbursed to one crore investors who had deposited Rs 10,000 or more. Subsequently, the remaining small investors, who have amounts up to Rs 30,000 stuck, will also receive their refunds. This decision is expected to benefit approximately 1.78 crore depositors who have been affected by the scheme.

The CRCS-Sahara Refund Portal provides a convenient platform for genuine depositors to submit their claims for repayment. Once the depositors file their online claims through the portal, the funds will be transferred directly to their bank accounts within a period of 45 days. Access to the portal is available through the Ministry of Cooperation’s official website. Uttar Pradesh is estimated to have the highest number of small depositors among the Sahara Group of Cooperative Societies.

Shah hailed the launch of the payment process through the portal as a major accomplishment. He affirmed that after the successful disbursement of the Rs 5,000 crore, the government will approach the Supreme Court to explore options for returning the remaining amount to the remaining investors, ensuring justice is served.

The specially developed portal caters to the submission of claims by genuine depositors from four cooperative societies under the Sahara Group, namely Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.

During the portal launch event, Amit Shah highlighted that comprehensive online data for all four societies is readily available, facilitating a seamless application process. He assured depositors that necessary measures have been implemented to prevent any manipulation or injustice to genuine investors.

The Supreme Court’s order in March, following appeals from central agencies, directed the transfer of Rs 5,000 crore from the “Sahara-SEBI Refund Account” to the CRCS for the disbursement of legitimate dues to depositors of the Sahara Group of Cooperative Societies. The disbursement process is being meticulously supervised and monitored by Justice R Subhash Reddy, a former judge of the Supreme Court.

An official statement from the ministry emphasized that the online portal has been designed to be user-friendly, efficient, and transparent. The digital process incorporates robust checks and balances to ensure that only legitimate depositors receive refunds, safeguarding their rights.

The statement further explained the process, outlining that genuine depositors of these societies need to complete the online application forms available on the portal and provide the necessary supporting documents. Aadhaar card verification will be conducted to authenticate the depositors’ identities. Upon successful verification, the funds will be credited to their respective bank accounts within 45 days of filing the online claims.

Shah directed the ministry to facilitate the filing of applications through Common Service Centers (CSCs) to ensure a hassle-free experience for depositors. He encouraged all investors to register online via the CSC facility, emphasizing the importance of fulfilling two key conditions: linking the investor’s Aadhaar card to their mobile number and linking the Aadhaar card to their bank account.

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