Shah comes down heavily on Akhilesh over his party fund

Union Home Minister addressed three poll rallies in eastern UP from Kushinagar to Salempur and concluded the day’s campaign at Chandauli on Monday.
Shah comes down heavily on Akhilesh over his party fund

LUCKNOW: Launching a broadside at the Samajwadi Party (SP) over its ties with the Sahara India group, BJP leader and Union Home Minister Amit Shah on Monday alleged that the SP used to run on the funds provided by the Sahara group.

Speaking on the issue for the first time in a poll rally in Kushinagar, Shah responded to the issues raised by SP chief Akhilesh Yadav regarding the refund of money to the people whose money had got stuck after investing in the Sahara India group.

Shah addressed three poll rallies in eastern UP from Kushinagar to Salempur and concluded the day’s campaign at Chandauli on Monday.

It may be recalled that the Sahara group firms were accused of circumventing regulations with Ponzi schemes in which scores of poor had invested their hard-earned money. However, the group had denied the charges. Referring to the — 85,000 crore scam, Shah said: “Akhilesh’s party used to run on Sahara’s fund. The scam was done in their (SP) regime and they let the group loot people’s money. We have ensured the refund to the poor and the process has started.”

He claimed that the refund process of the three cooperatives had already begun and the other is a private limited company the case of which is sub-judice in the Supreme Court.

In 2011, capital markets regulator Sebi had ordered two Sahara Group firms — Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) — to refund the money raised from nearly 3 crore investors. The regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.

After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi’s directions asking the two firms to refund the money collected from investors with 15 per cent interest.

Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors.

Moreover, asserting that National Democratic Alliance (NDA) was much ahead, Shah said that after the results on June 4, Congress president Mallikarjun Kharge would lose his job but Rahul Gandhi and AICC general secretary Priyanka Gandhi Vadra would not share the blame for the defeat.

“Rahul Gandhi’s team will also do a press conference after results blaming their defeat on EVMs,” he added. “In five phases of the Lok Sabha polls, PM Modi has crossed 310 seats. Rahul will not cross 40 and Akhilesh Yadav will not get even four seats on June 4,” he said.

Terming the Opposition alliance a “gathering of dynasts,” Shah said: “Their aim is to make their son, daughter and nephews the chief minister.”

“Only the one who has a 130 crore family can do good to you, and he is Narendra Modi,” he said. In Chanduali, Shah referred to Congress leader Mani Shankar Aiyar’s Pakistan atom bomb remarks, saying that the BJP was not afraid of atom bombs.

Refund ordered

In 2011, Sebi had ordered two Sahara Group firms — SIREL and SHICL — to refund the money raised from nearly three crore investors. Sebi said the funds were raised by the two firms in violation of its rules and regulations. The SC on August 31, 2012 upheld the Sebi’s directions.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com