SFIO Investigates Sahara Group as Union Finance Minister Updates Lok Sabha
New Delhi, August 5, 2024 — Union Finance Minister Nirmala Sitharaman provided an update in the Lok Sabha on Monday regarding the ongoing investigation into the Sahara group companies by the Serious Fraud Investigation Office (SFIO). Sitharaman confirmed that the SFIO is conducting a comprehensive probe into the matter, and further actions will be determined based on the findings of its report.
Responding to questions about the low number of investors claiming refunds, Sitharaman explained that the Supreme Court is overseeing the entire affair of the Sahara group, and the government is acting in accordance with the Court’s directives. She noted that while a significant number of small investors have come forward to claim refunds, there is a need to investigate why the majority of investors have not yet filed claims.
The Minister revealed that out of the 3.7 crore investors in the Sahara group, only 19,650 individuals have approached authorities for refunds. Of these claims, 17,250 have been settled, while the remaining claims require additional documentation for resolution. The SFIO is also examining the reasons behind the low number of refund claims and investigating the whereabouts of the remaining investors.
Sitharaman emphasized that the central government has limited jurisdiction over the Sahara group’s issues, as the Supreme Court is closely monitoring the situation. The government continues to provide regular updates to the Court.
According to data provided by the Finance Ministry in December 2023, the SFIO was tasked with investigating the affairs of Sahara Housing Investment Corporation Ltd, Sahara Q Shop Unique Products Range Ltd, and Sahara Q Gold Mart Ltd on October 31, 2018. Additional investigations were ordered for six other Sahara group companies on October 27, 2020.
