The Sahara Group has so far refunded Rs 241 crore to around 2.5 lakh small investors who had invested in four cooperative societies linked to the group. The Supreme Court had ordered the transfer of Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS) in March 2023.
What Amit Shah said:
Union Minister for Cooperation Amit Shah inaugurated the new office of CRCS at the World Trade Center, spread over 41,000 square feet. Speaking at a meeting after the inauguration, he said that the ministry has done commendable work since its inception in July 2021.
Referring to the investors who were in distress due to the crisis in the four cooperative societies, he said, "There was a perception that people would not get their money back. However, around 1.5 crore investors have registered on the portal. Claims up to a total of Rs 19,999 are being accepted on this portal."
The Ministry of Cooperation launched a portal in July 2023 for valid claims from depositors of four cooperative societies of the Sahara Group, namely Sahara Credit Cooperative Society, Sahara Universal Multipurpose Society, Hamaara India Credit Cooperative Society, and Stars Multipurpose Cooperative Society.
Cooperatives to play a big role in the economy:
Amit Shah said, "We have decided that cooperatives will play a big role in the $5 trillion economy and the cooperative sector will move directly from the 19th century to the 21st century." The government has undertaken 60 major initiatives for the development of the cooperative movement in the last 30 months. The government also set up the Ministry of Cooperatives in July 2021.