Sahara Refund Portal launch: Amit Shah launches CRCS-Sahara Refund Portal to return money of 10 crore depositors

The launch comes after the Ministry of Cooperation's statement on Monday when it assured depositors of addressing their grievances and to make Sahara group pay their legitimate deposits.

“To address the grievances of genuine members/depositors of Sahara Group of Cooperative Societies for payment of their legitimate deposits, the Ministry of Cooperation had filed an application in the Hon’ble Supreme Court of India. The Hon’ble Supreme Court vide its order dated 29th March 2023 had directed that Rs. 5000 crores be transferred out of the ‘Sahara-SEBI Refund Account’, to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies,” the ministry said.

In the initial phase, the refund portal will disburse up to Rs 5,000 crore to depositors, amounting to Rs 10,000 returned to an investor on a trial basis. In the future, the amount of refund may be increased if the trial succeeds.

As many as one crore and seven lakh investors can register on the refund portal, Shah said. There are four crore depositors in total who are eligible to get up to Rs 10,000.