Lakhs of people who invested in Sahara India are waiting for the return of their money. On July 18, 2023, the government launched the CRCS-Sahara Refund Portal, which was created on the orders of the Supreme Court. Its purpose is to return the money to the depositors who invested in Sahara's multi-state cooperative societies.

However, investors have not got satisfactory results so far. Minister of State for Finance Pankaj Chaudhary clarified the situation on this issue in Parliament.

How much money is stuck?

Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) were directed by the Supreme Court in 2012 to deposit Rs 25,781.37 crore with SEBI.

SEBI has received Rs 15,775.50 crore till March 31, 2024. But the work of returning the entire money of the investors is still incomplete.

How many investors have got their money back so far?

SEBI has returned Rs 138.07 crore to 17,526 people after checking the documents of eligible investors. However, this figure is very low, while crores of people are waiting to get their money.

What is the plan ahead?

The Supreme Court has directed SEBI to return the remaining money in 9 months. Also, Sahara has been given the opportunity to deposit Rs 1,000 crore for the development of the land located in Versova, Mumbai.

The case of Sahara India Commercial Corporation Limited (SICCL) and its directors is currently pending in the Supreme Court.

When will investors get their money?

The government and SEBI say that the process is complicated and will take time. However, efforts are on to return the money to the investors as per the order of the Supreme Court.

Investors' questions and expectations

Despite the launch of the portal, investors have questions in their minds. Will they get their hard-earned money back? The government says that every possible effort is being made, but patience is necessary in this.

It is worth noting that the investors' hopes are still alive. Now it remains to be seen how quickly the government and SEBI are able to complete the refund process under the instructions of the Supreme Court.