Brief by Short91 Newsdesk / 07:32am on 15 Nov 2023,Wednesday India
Following the demise of Sahara Group's leader, Subrata Roy, over ₹25,000 crore lying with the Securities and Exchange Board of India (Sebi) has come back to attention. Roy faced regulatory battles over two Sahara group firms- SIREL & SHICL, with Sebi ordering the refund of funds allegedly raised through Ponzi schemes in 2011. After a long legal battle, the Supreme Court on August 31, 2012, upheld Sebi's directions asking the two firms to refund the money collected from investors with 15% interest. Sahara eventually deposited an estimated ₹24,000 crore with Sebi which rose to above ₹25,000 in due time. However, Sebi's latest report reveals only ₹138.07 crore refunded to investors in 11 years, while ₹25,163 crore lies in SEBI accounts. Roy, 75, passed away in Mumbai on Tuesday after battling illness.
