Sahara Refund Portal

INTRODUCTION
Sahara India was founded by Subrata Roy in 1978, headquartered in Lucknow, Uttar Pradesh. The group operates business sectors such as finance, care, life insurance, and educational institutions. The group has been major promoter of sports in India and was the title sponsor of the Indian cricket team, Indian Hockey Team among many other sports.
In 2004, Sahara Group was the second largest employer in India after Indian Railway.

Sahara Refund Portal
Sahara Refund Portal

FRAUD/SCANDLE/SCAM
In the past, scam primarily revolves around two primary issues:
1.Optinally Fully Convertible Debentures (OFCD): –
The Sahara Group raised funds from millions of investors through a financial instrument called OFCD between 2008 and 2011. These OFCDS were sold to the public without being registered with SEBI, which regulates such financial products. SEBI argued that the issuance of OFCD without proper authorization violated regulatory norms.

2. Refund issue: –
After SEBI declared the issuance of OFCD illegal in 2011, it ordered Sahara to refund the money collected from investors. However, Sahara initially resisted the refund, leading to a prolonged legal battle between the company and SEBI.

The Supreme Court of India got involved in the matter and August 2012, it ordered Sahara to refund the money collected through the OFCD to the investors with interest. The court set up a mechanism for the refund process.

Sahara claimed that it had refunded a significant amount of money to investors directly. However, SEBI raised concern investors directly.

In 2017, Sahara Group managed to raise a significant amount of money and deposited it with SEBI. The deposited amount was then used by SEBI to refund the investors who had put their money into an illegal OFCD scheme.
Recently, our Union Home minister and Minister of Cooperation, Amit Shah has launch Sahara Refund Portal. https://mocrefund.crcs.gov.in/

Investors of Sahara Co-operative societies are going to get back their money stuck due to scam. Sahara Refund Portal has been launched for submission of claims by genuine depositors of Cooperative Societies of Sahara Group. Sahara Cooperative Societies includes the following

• Sahara Credit Cooperative Society Limited
• Saharayan Universal Multipurpose Society Limited
• Hamara India Credit Cooperative Society Limited
• Stars Multipurpose Cooperative Society Limited.

How does Sahara refund portal work?
There are two key prerequisites for the procedure: first, the investor’s Aadhaar card needs to be linked to their mobile number; second, it needs to be connected to their bank account. The money will be put into the investors’ bank accounts within 45 days, he informed the investors.

What is the eligibility criteria for filing a claim on the CRCS Sahara Refund Portal?
The depositors must have made deposits & have outstanding dues receivable before the following dates, for filing a claim request:
22nd March 2022 for Humara India Credit Cooperative Society Limited, Kolkata.
22nd March 2022 for Sahara Credit Cooperative Society Limited, Lucknow,
22nd March 2022 Saharayan Universal Multipurpose Society Limited, Bhopal and
29th March 2023 for Stars Multipurpose Cooperative Society Limited, Hyderabad.

How much amount can be claim and amount get back in sahara refund portal?
Any eligible investors as stated above who had deposited ₹10,000 or more may receive a first payment of up to ₹10,000. The total refund amount allocated is ₹5,000 crore. While applying the refund application please make sure that you have claim all the amount and all bond details are given on your application

Details the depositors need to provide with the Claim Request form
a. Membership no.
b. Deposit Account no.
c. Aadhaar linked Mobile no. (Mandatory)
d. Deposit certificates/ Passbook
e. PAN card (if claim amount is Rs. 50,000 and above) (Mandatory).
f. Aadhar Seeded Bank Account.

Frequently Asked Questions:
1. How do I get a refund from Sahara money?
Answer: You have to register online on https://mocrefund.crcs.gov.in/Depositor/Register and submit for personal and bond details. After submitting you a application form will be generated. You have to paste a passport size photo and cross sign on the photo along that you have to sign all the pages and upload the scan copy. Then a final application number will be alloted to you. Keep that for the future use.

2. How to apply Sahara India refund online?
Answer: You have to register online on https://mocrefund.crcs.gov.in/Depositor/Register and submit the form as described above.

3. How much amount i get on sahara refund?
Answer: Initially every eligible depositors may get Rs. 10,000/- as per the government fund allotment. You may received full refund in due course.

4. Sahara refund for dead person Successor?
Answer: As per our view, as there is need to verify the aadhar OTP and aadhar seeded bank account also needed there is low chances that successor of dead depositors will get refund. IF that person has not alloted aadhar number then the chances also become lower. We have to wait for any offline request from the government.