The four co-operative societies floated by Sahara group are busy collecting funds despite govt insisting not to do so. Ministry have finally woken up to this fact and has ordered probe by the Serious Fraud Investigation Office (SFIO) into investments made by the co-op bodies.
PTI quotes “Alleging irregularities, the Central Registrar of Cooperative Societies has sought a probe by the Serious Fraud Investigation Office (SFIO) into investments made by four cooperatives associated with the Sahara group from over Rs 86,600 crore collected by them, but the credit societies refuted the charges and said all their investments have been made as per the law. The societies also said they have contested the allegations at the “appropriate forum”.
Sources say the Sahara Group floated three cooperative societies and collected deposits worth Rs 86,673 crore in defiance of the apex court indicting two of its firms and even after its chief Subroto Roy was arrested.
The govt has warned of danger to these deposits and called for an investigation.
Regulators say Rs 62,643 crore were invested in the Aamby Valley project in Lonavala in Maharashtra.
It is worth recalling that it was the same project that had been attached by the apex bank to repay the depositors of Sahara.
The Registrar, reportedly summoned the management of the four societies and found after its further probe that all the four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
It is also alleged that an amount of Rs 2,253 crore was taken out from the funds of one of the four societies and deposited with the Securities and Exchange Board of India.
Meanwhile Indian Cooperative desk is flooded with letters from Sahara victims asking for relief. Everybody from the depositors to the collection agents complain of lack of funds to reimburse the victims.
Earlier, we reported in these columns that the office of the Central Registrar had asked the management of Sahara Credit Cooperative Society to clear the dues of all the depositors which have accrued till date by 31st August, 2020.
The office of Central Registrar has also insisted that the society has to submit a compliance report by the 1st week of September.