Amit Shah Launches Sahara Refund Portal, Says 'Genuine Depositors Will Get Their Money Back'

Earlier in March, the SC directed the Center to transfer Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS) to disburse the depositors. 

A refund portal for four cooperative societies of Sahara Group depositors was launched by Union Cooperation Minister Amit Shah on Tuesday. Shah said that all "genuine depositors" of the Sahara Group's cooperative societies will get their money refunded to their
bank account within 45 days. Earlier in March, the Supreme Court directed the Center to transfer Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS) to disburse the depositors. 

On Tuesday launching the 'CRCS-Sahara Refund Portal' in Delhi, Cooperation Minister Amit Shah said, "This portal will help 1.7 crore depositors register themselves...Genuine depositors will get their money back. The claim of these depositors will be settled...The money will be refunded to the bank account of depositors within 45 days," as per ANI. 

“Tomorrow is a special day for those whose money was stuck in Sahara's cooperative societies for many years. The Modi government is moving towards fulfilling the resolution of returning the deposits of those investors, under which the ‘Sahara Refund Portal’ will be launched tomorrow. The commitment of the Ministry of Cooperatives under the leadership of Prime Minister Modi will bring relief to all those people who are waiting to get back their hard earned money,” Shah tweeted yesterday.

In a statement on Tuesday, the cooperation ministry announced the launch of the portal. 

"A portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara Group of cooperative societies namely -- Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd," the ministry said.

It also noted that to address the grievances of genuine members/depositors of the Sahara Group's cooperative societies, the ministry filed an application in the Supreme Court. In March, the Supreme Court had directed that Rs 5,000 crore be transferred out of the 'Sahara-Sebi Refund Account', to the CRCS for disbursement against the legitimate dues of the genuine depositors of the Sahara Group's cooperative societies.