Sahara Refund Process: Centre Releases ₹2,314.20 Crore To 12,97,111 Depositors

The Sahara Group’s cooperative societies have faced numerous complaints regarding the non-payment of deposits. With 5.42 lakh depositors and ₹1,13,504 crore in total deposits as of March 31, 2023, the Supreme Court intervened to ensure refunds. In a landmark order on March 29 2023, the court directed ₹5,000 crore from the Sahara-SEBI Refund Account to be allocated for genuine depositors. The Ministry of Cooperation launched the CRCS-Sahara Refund Portal to facilitate the process.

Supreme Court’s directive and refund process

In response to a petition, the Supreme Court ordered the transfer of ₹5,000 crore to the Central Registrar of Cooperative Societies for disbursement. The process is being supervised by Justice R. Subhash Reddy, former Supreme Court judge, with the assistance of Amicus Curiae Shri Gaurav Agarwal.

To facilitate claims, the government launched the CRCS-Sahara Refund Portal on July 18 2023. Depositors of 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 can submit their refund requests online. The system is fully digital and paperless, ensuring transparency.

Progress and Ongoing Disbursement

As of February 28 2025, ₹2,314.20 crore has been disbursed to 12,97,111 depositors. Each verified depositor is currently eligible for a refund of up to ₹50,000, credited directly to their Aadhaar-linked bank accounts. In cases where applications are found deficient, depositors are notified and allowed to resubmit their claims through the re-submission portal, which was launched on November 15 2023.

The Supreme Court has extended the deadline for disbursement until December 31 2025, allowing more depositors to claim their refunds. The government remains committed to ensuring that all legitimate claims are processed efficiently.

Conclusion

The Supreme Court’s intervention has provided relief to thousands of Sahara depositors, ensuring transparency and accountability in the refund process. With the deadline extended, more affected depositors will have the opportunity to reclaim their legitimate dues.

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