Sahara India Refund News: Online link not working, depositors to get Rs 10,000 initially

sahara group


Sahara Refund Portal News Update: The Union Minister Of Cooperation and Home Minister Amit Shah launched the CRCS-Sahara Refund Portal today in order to help crores of depositors who have their hard-earned money stuck due to prolonged legal battle of the Sahara Group.

However, the link to the refund portal and the website of the Ministry of Cooperation was not working properly at the time of writing (12.32 pm, July 18).

Several Sahara Group’s depositors complained about the non-working refund portal on social media. Depositors are also dismayed over the Rs 10,000 limit on the refund to be issued by the portal in the initial phase.

Scores of Sahara Group depositors have lakhs of rupees stuck due to the prolonged legal battle of the Sahara Group.

“I have over Rs 8 lakh stuck in Sahara India. The Rs 10,000 limit is too less as my money has been stuck for several years. The Government has also not announced anything about the interest component as not only my investment but the interest promised on my deposits are also stuck,” a Sahara Group depositor in Bihar told FE PF Desk while requesting anonymity.

However, the news of the launch of the Sahara Refund Portal has brought some cheers to scores of depositors, who are hoping they will get all their money back in the near future.

“This is a welcome decision announced by Amit Shah ji. We are hoping that years of our pain will end soon,” said another depositor who had invested over Rs 10 lakh in Sahara Group’s schemes several years back.

Rs 10,000 is not the last limit: Shah

While launching the Sahara Refund Portal, Union Minister Amit Shah assured depositors that Rs 10,000 is not the final amount that will be refunded to depositors. He said this is a big exercise in which initially up to Rs 5000 crore will be disbursed. Once the amount is exhausted, the Government may go the to apex court for the release of more amount.

In future, depositors can expect more refunds through this initiative of the Union Government. (Know about the process to claim the refund here).

Watch: what Amit Shah said

How much money is stuck?

In a written reply to a query in the Lok Sabha in December 2022, Union Finance Minister Nirmala Sitharaman said that as many as 2.33 crore investors had deposits worth Rs 19,400.87 crore in Sahara India Real Estate Corporation Limited, (SIRECL). Also, 75 lakh investors had deposits worth Rs 6380.50 crore in Sahara Housing Investment Corporation Limited (SHICL). (Read full details of money stuck in Sahara Group here)


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