Sahara small depositors have received some relief as the government has increased the refund limit from Rs 10,000 to Rs 50,000. Details here

The central government has increased the refund limit for small depositors of Sahara Group Cooperative Societies to ₹Starting from 50,000 ₹PTI on Wednesday quoted a senior cooperation ministry official as saying the number was 10,000.

“With the increase in refund limits ₹About 50,000 ₹The amount of Rs 1,000 crore will be paid in the next 10 days,” the report quoted the senior official as saying.

The government has increased ₹It was reported that small depositors increased their deposits by 50,000 last week.

The government has issued ₹So far, refunds of Rs 3.7 billion have been disbursed to 4.29 lakh depositors of Sahara Cooperative Group through the CRCS-Sahara refund portal.

The government is closely scrutinizing depositors’ claims before issuing refunds.

According to the Supreme Court order issued on March 29, 2023, ₹On May 19, 2023, Rs 5,000 crore was transferred from the Sebi-Sahara refund account to the Central Registry of Cooperative Societies (CRCS).

The CRCS-Sahara refund portal was launched on July 18, 2023. It is designed to allow genuine depositors of the four inter-state cooperative societies of the Sahara Group to submit applications for refund of their deposits.

Refund of claims after review by a judge

The refund claimed was examined digitally by Supreme Court Justice R Subhash Reddy.

The cooperatives under this initiative include: Sahara Credit Cooperative Society Limited, Lucknow, Saharan Universal Multipurpose Cooperative Society Limited, Bhopal, Starlight Multipurpose Cooperative Society Limited, Hyderabad and Humala India Credit Cooperative Society Limited, Kolkata.

In September 2020, CRCS requested the Serious Fraud Investigation Office (SFIO) to launch an investigation into investments in these four cooperatives linked to the Sahara Group.

CRCS has received nearly 15,000 complaints against the organization. ₹According to a Mint report dated November 15, 2023, the figure is Rs 86,000 crore.

Sahara Group was in the news recently after the Supreme Court asked the company to disclose information about its current executives, shareholders and its unencumbered properties, which could trigger a ₹According to a Mint report on September 4, the amount was Rs 10,000 crore.