Sahara investors to get money back as CRCS Sahara Refund Portal launched, here’s how to apply

Good news for the people who had invested in the Cooperative Societies of Sahara Group – Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited. The genuine depositors will now get refund as Union Home Minister and Minister of Cooperation, Amit Shah launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal to help them to submit claims.

While launching the portal, Amit Shah said that the process of returning the amount of Rs 5,000 crore to the investors is starting today in a transparent manner on a trial basis. He said that after the completion of Rs 5,000 crore payment, another appeal will be made in the Supreme Court to return the amount to the remaining investors.

The Home Minister said that through this portal, first payment up to Rs 10,000 will be made to one crore investors who had deposited Rs 10,000 or more. He said that complete data of all the four societies is available online for applying on this portal and those who have invested will receive the refunds for sure. He instructed that arrangements should be made to file applications through Common Service Center (CSC).

The Union Minister requested all the investors to register online through the facility of CSC saying that there are two main conditions related to the process: first, the investor’s Aadhaar card must be linked to their mobile number, and second, the Aadhaar card must be linked to their bank account. He assured the investors, that the money will be deposited into their bank accounts within 45 days.

Approximately 1.78 crore small investors, whose money up to Rs 30,000 stuck, will get their money back, revealed the Minister.

Supreme Court vide its order dated 29th March 2023 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 whole process of disbursement is being supervised and monitored by Justice R. Subhash Reddy, Former Judge of Supreme Court with the assistance of Gaurav Agrawal, learned Advocate, Amicus Curiae as per directions of Supreme Court. Four senior Officers on Special Duty (OSDs) have been appointed for each of the above Societies for assisting in the refund process.

The online Portal developed for submission of claims is user friendly, efficient and transparent. The entire process is digital. Necessary checks and balances have been incorporated in the Portal to ensure that only the legitimate deposits of the genuine depositors are refunded.

The portal can also be accessed through Ministry of Cooperation website. The genuine depositors of these Societies have to submit their claims by filling online application form available on the portal and upload requisite documents.

The depositors will be verified through Aadhaar card to ensure their identity. After the verification of their claims and uploaded documents by the appointed Societies, Auditors, and OSDs, the payment to the genuine depositors will be credited in their Bank account within 45 days after filing their online claims, subject to fund availability and they will be intimated the status through SMS/Portal.

The genuine depositors of the Societies are requested to ensure that they have Aadhar linked mobile number and Bank Account along with requisite documents as proof of their claim and deposits.

Click here to visit the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal.