Lok Sabha Question No. 1446 (UNSTARRED), answered on 2025-07-29
Subject: Refund Status of Money deposited with the Sahara Cooperatives
Ministry: COOPERATION
Asked by: Shri Rajeev Rai

## GOVERNMENT OF INDIA

## MINISTRY OF COOPERATION

## LOK SABHA UNSTARRED QUESTION No. 1446 TO BE ANSWERED ON 29 th  JULY, 2025

## Refund Status of Money deposited with the Sahara Cooperatives

## 1446 # Shri Rajeev Rai:

Will the Minister of Cooperation (सहकाįरता मंũी) be pleased to state:

- (a) whether the Government is returning of the matured amount by investors with the Sahara Cooperatives about a decade back;
- (b) if so, the details of such refund made since the beginning of the scheme and the ceiling amount upto which the refund has been made to each investors;
- (c) the number of investors that have been returned their deposits alongwith interest and the investors who are yet to be returned their matured amount;
- (d) whether the Government is considering increasing the ceiling of refund to investors who have invested more money than the present ceiling, if so, the details thereof;
- (e)  the  number  of  balance  money  left  with  the  Government  for  refund  and  the  number  of investors who are left to be returned their matured amount; and
- (f) the time expected to complete this refund process to all the investors with the four Sahara cooperatives?

## ANSWER

## THE MINISTER OF COOPERATION (SHRI AMIT SHAH)

- (a)  to  (f):  In  an  Interlocutory Application  filed  by  the  Ministry  of  Cooperation  in  WP  (C) No.191/2022 (Pinak Pani Mohanty vs UoI & ors.), the Hon'ble Supreme Court on 29.03.2023 inter alia ordered that:

'(i) Out of the total amount of Rs. 24,979.67 Crores lying in the 'Sahara-SEBI Refund Account',  Rs.  5000  Crores  be  transferred  to  the  Central  Registrar  of  Cooperative Societies,  who,  in  turn,  shall  disburse  the  same  against  the  legitimate  dues  of  the depositors of  the  Sahara  Group of Cooperative Societies,  which  shall  be  paid  to  the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly.

(ii) The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in  consultation  with Justice R.  Subhash Reddy,  Former Judge  of this Court and Shri Gaurav Agarwal, learned Advocate.'

In  compliance  of  the  Hon'ble  Supreme  Court's  Order  dated  29.03.2023,  an  Online Portal  'CRCS-Sahara  refund  portal'  https://mocrefund.crcs.gov.in    has  been  launched  on 18.07.2023 for submission of claims by the genuine depositors of 4 Multi-State Cooperative Societies  of  Sahara  Group,  namely;  Sahara  Credit  Cooperative  Society  Ltd.,  Lucknow, Saharayn  Universal  Multipurpose  Society  Ltd.,  Bhopal,  Humara  India  Credit  Cooperative Society Ltd., Kolkata and Stars Multipurpose Cooperative Society Ltd., Hyderabad for refund of their legitimate deposits. Entire process of disbursement is digital and paperless and is being carried out under the supervision and monitoring of Justice R. Subhash Reddy, Former Judge of Hon'ble Supreme Court of India with the assistance of Shri Gaurav Agrawal, Amicus Curiae.

Applications  received  on  the  Portal  are  being  processed  in  transparent  manner,  on proper identification and on submitting proof of their identity and deposits. The payment is being deposited directly in Aadhaar seeded bank account of the genuine depositors. As per Standard Operating Procedure (SOP), depositors whose deposits have matured and remained unpaid  as  on  31.03.2023,  are  eligible  to  submit  their  application  on  the  portal.  Presently, principal amount payment only upto Rs.50,000/- is being disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar seeded Bank account. Further, ceiling limit of disbursement per depositor is increased from time to time keeping in mind the small depositors on priority and availability of funds.

Further, in case of any deficiency found in the application of the depositor on the portal, deficiencies are being conveyed to them for re-submission of their application through the 'Resubmission portal' https://mocresubmit.crcs.gov.in already launched on 15.11.2023.

As on 23.07.2025, an amount of Rs. 5,139.23 Crore has been disbursed to 27,33,520 depositors out of 1,35,34,410 depositors of Sahara Group of Cooperative Societies and amount of Rs. 523.72 Crore was available for disbursement. The Hon'ble Supreme Court has granted the extension for disbursement of refund to the Sahara depositors upto 31.12.2025.

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