250,000 investors in Sahara cooperatives got refund worth Rs 241 cr: Shah

Cooperation Minister Amit Shah on Wednesday said Rs 241 crore have been returned to about 2.5 lakh small investors who had deposited funds in four cooperative societies linked to the Sahara Group of companies.

In March last year, the Supreme Court directed transferring Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).

In July, Ministry of Cooperation launched a portal for submission of legitimate claims by depositors in the four cooperative societies -- Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Society, Humara India Credit Cooperative Society, and Stars Multipurpose Cooperative Society.

The 'CRCS-Sahara Refund Portal' was launched with the objective of helping around four crore small-time investors whose funds are struck in the four cooperative societies.

Addressing a gathering after inaugurating the new office of CRCS spread over 41,000 square feet at the World Trade Centre here, Shah said the ministry has done a remarkable job since its creation in July 2021.

Referring to the distressed investors of the four cooperative societies, he said a perception was formed that people will not get their funds back.

"About 1.5 crore investors have registered themselves on the portal, and Rs 241 crore has already been refunded to about 2.5 lakh investors," the minister said.

The portal is accepting resubmissions for claim aggregating up to Rs 19,999.