Rs 80,000 cr deposits stuck with Sahara Group's cooperative societies: Govt
NEW DELHI: The government will approach the Supreme Court again to get more funds from the Sahara Group, as three crore investors have sought a refund of Rs 80,000 crore stuck with the company's cooperative societies.
The cooperation ministry has launched a portal for investors where they can make an application to get their money stuck with societies, Minister of State for Cooperation in Rajya Sabha B L Verma said while replying to a supplementary question.
Verma said three crore investors have registered on the portal seeking their money to the tune of Rs 80,000 crore back.
"We have started process to refund money back to investors in 45 days. We have got Rs 5,000 crore...we will go to the apex court again for getting more fund (from Sahara Group) to pay back all investors.
Every paisa of investors of Sahara Group will be paid back," Verma told the House, adding that many investors have got their money back.
He assured that all investors going through the process (on the portal) will get their money back.
"We are refunding money to small investors first with amount of Rs 10,000 each," he said.
The Sahara group traces its roots to a one-room office in Gorakhpur, Uttar Pradesh, and was founded by the charismatic Subrata Roy, who passed away a month ago.
The home loan limit has been increased by two and a half times to Rs 75 lakh from Rs 32 lakh for rural cooperative banks, he added.