The Sahara Group started three cooperatives in 2012 and 2014. 86,673 crore from four crore depositors. The Supreme Court convicted both the companies of the group and its head Subrata Roy was arrested. However, as the Modi government has pointed fingers at these cooperatives, thousands of crores of rupees of 4 crore people are now at risk.
Of the funds raised, Rs 62,643 crore has been invested in the Ambi Valley project in Lonavala, Maharashtra. It is a project that was banned by the Supreme Court in the year 2017 and many have failed to auction it to pay depositors. Four committees will investigate irregularities. These include Sahara Credit Cooperative Society Limited (established in 2010), Hamra India Credit Cooperative Society Limited, Saharan Universal Multipurpose Society Limited and STARS Multipurpose Cooperative Society Limited.
47,254 crore was deposited from four crore depositors and Rs. 28,170 crores Rs. Saharan Universal raised Rs 18,000 crore from around 3.71 crore members and invested Rs 17,945 crore. We raised Rs 12,958 crore from 1.8 crore members in India and invested Rs 19,255 crore. In addition, Stars Multipurpose raised Rs 8,470 crore from 37 lakh members and invested Rs 6,273 crore in Amby Valley.