NEW DELHI: Nearly three years after the Supreme Court of India directed refunds to depositors of Sahara Group’s cooperative societies, a majority of investors are still awaiting their money.
In a written reply in the Lok Sabha on Tuesday, Union Home and Cooperation Minister Amit Shah revealed that out of more than four crore claims filed, only around 40 lakh investors, fewer than one in ten, have received refunds so far.
“As of February 2026, 1,45,15,611 applications and 4,06,25,476 claims have been made by investors on the CRCS-Sahara refund portal. An amount of Rs 8,783.55 crore has been disbursed to 40,33,448 investors of Sahara Group of Cooperative Societies,” the minister said.
Citing the Supreme Court’s order dated March 29, 2023, Shah noted that out of Rs 24,979.67 crore lying in the “Sahara-SEBI Refund Account”, Rs 5,000 crore was directed to be transferred to the Central Registrar of Cooperative Societies for disbursal to legitimate depositors in a transparent manner, subject to proper verification and documentation.
The refund process is being supervised by former Supreme Court judge Justice R. Subhash Reddy, with assistance from advocate Gaurav Agrawal, appointed as Amicus Curiae.
In compliance with the court’s directive, the government launched the CRCS-Sahara refund portal on July 18, 2023, enabling depositors from four Sahara-linked multi-state cooperative societies to submit claims digitally. The process is fully paperless, with payments credited directly to Aadhaar-linked bank accounts after verification.
At present, refunds of up to Rs 50,000 per depositor are being disbursed against verified claims. In cases where discrepancies are found, applicants are notified and allowed to resubmit through a dedicated portal launched in November 2023.
The minister further informed that the apex court has approved an additional transfer of Rs 5,000 crore from the Sahara-SEBI Refund Account and extended the deadline for disbursal to December 31, 2026.
However, at the current pace, completing refunds to all verified claimants within the stipulated timeline remains a significant challenge, as highlighted by several aggrieved investors.