In a written reply to the Lok Sabha on Monday, Minister of State for Corporate Affairs Rao Inderjit Singh said the ministry had assigned probes into the affairs of three Sahara Group companies to the Serious Fraud Investigation Office (SFIO) on October 31, 2018.
The companies are Sahara Housing Investment Corporation Ltd, Sahara Q Shop Unique Products Range Ltd, and Sahara Q Gold Mart Ltd. He also said investigations were ordered against six other group companies on October 27, 2020.
They are Aamby Valley Ltd, Qing Ambay City Developers Corporation Ltd, Sahara India Commercial Corporation Ltd, Sahara Prime City Ltd, Sahara India Financial Corporation Ltd, and Sahara India Real Estate Corporation Ltd. "Ongoing aforesaid investigations would not be impeded by the death of any person," Singh said.
The minister was responding to a question about the government's reaction after the death of the Sahara India Group chief recently with regards to the line of investigation of the chit fund scam done by the Sahara Group.
He also said that through an order on November 21, 2023, the Supreme Court directed Sahara Group of Companies not to part with any movable and immovable properties.
"Sebi received 19,650 applications in total involving 53,687 accounts. On the basis of verifiable documents, Sebi made refunds with respect to 17,526 eligible bondholders involving 48,326 accounts for an aggregate amount of Rs 138.07 crore (i.e., Rs 70.09 crore as principal and Rs 67.98 crore as interest)," he said.
Further, Singh said on March 29, 2023, the Supreme Court directed that Rs 5,000 crore be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies that shall be paid to the genuine depositors.
"In accordance with the aforesaid order an amount of Rs 5,000 crore has been transferred from 'Sebi-Sahara Refund Account' to the Central Registrar of Cooperative Societies," he added.
