Ranchi: BJP has made Sahara Chit Fund a major election issue in Jharkhand. The party has promised that it will refund money invested by the people of Jharkahnd.
Sahara Group was among India’s top enterprises. It had various business across various sectors like Sahara Airlines, Sahara Media and Sahara Homes. Sahara also launched a chit fund scheme that attracted millions of lower-income people. People invested small amounts daily, ranging from Rs 10 to Rs 100 in Sahara’s chit fund.
The scheme’s fraudulent nature surfaced when a letter under the name Roshan Lal was received by the National Housing Bank, claiming that bonds issued by Sahara Real Estate Corporation and Sahara Housing Investment Corporation were not compliant with regulations. This letter was forwarded to SEBI for further investigation.
Sahara Group chairman Subrata Roy publicly alleged that his company faced scrutiny because of his statement that India’s Prime Minister should be Indian, not of Italian origin. He claimed that after this statement, top agencies began targeting Sahara. Reports suggest the UPA government’s support enabled Sahara’s chit fund schemes to grow, yet this left many poor investors trapped.
In 2008, the banned Sahara India Financial Corporation from accepting deposits and instructing it to return investors’ funds. But,the Sahara Group refused to return the investors’ money. Later the Supreme Court ordered Sahara to repay Rs 24,000 crore to investors. Due to the group’s failure to fulfill these payments, the then Sahara chief Late Subrata Roy was jailed on March 4, 2014, leading to the group’s steady decline.
The Modi government has now announced a commitment to return every penny invested in Sahara’s chit fund. A framework was developed for investors to apply for refunds within a specified timeframe. BJP has openly stated that every penny will be returned, making it a significant campaign promise in Jharkhand. This pledge is expected to provide BJP with a substantial advantage, potentially becoming a game changer in the upcoming Jharkhand elections.
The term of Jharkhand Assembly will end on January 5, 2025. Jharkhand Assembly has 81 seats. More than 2.6 crore eligible voters are there in Jharkhand this time. Jharkhand will go to polls vote in two phases – on November 13 and November 20 ands the counting of votes will be held on November 23.
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