Introduction
Sahara India Pariwar, a conglomerate with diverse business interests, has been a household name in India for decades. However, it gained notoriety due to a massive financial scam that affected millions of investors. In 2012, the Securities and Exchange Board of India (SEBI) ordered Sahara to refund the money collected from investors. If you are one of those investors seeking a Sahara money refund, this comprehensive guide will walk you through the process step by step.
Understanding the Sahara Scam
Before delving into the refund process, it’s essential to understand the background of the Sahara scam. Sahara had raised funds from investors through Optionally Fully Convertible Debentures (OFCDs), claiming that they were private placements and thus not subject to SEBI regulations. However, SEBI found these claims to be false, and in 2011, it ordered Sahara to refund the money collected with interest. The Supreme Court of India upheld SEBI’s order in 2012, setting in motion the refund process.
1. Eligibility for Refund
To be eligible for a Sahara money refund, you must meet the following criteria:
a. You should have invested in Sahara’s OFCDs.
b. Your investment must be genuine and verifiable.
c. Your investment should be made before SEBI’s intervention in 2011.
2. Gather Necessary Documents
Before you begin the refund process, ensure that you have all the required documents in place. These documents may include:
a. Original investment certificates or receipts.
b. Identity proof (Aadhar card, passport, or voter ID).
c. Address proof (utility bills, ration card, or Aadhar card).
d. Bank account details (passbook or statement).
e. Any communication with Sahara regarding your investment.
3. Locate the Nearest Sahara Refund Office
Sahara has established multiple refund offices across India to facilitate the refund process. You should locate the nearest Sahara refund office based on your current residence.
4. Visit the Sahara Refund Office
Once you’ve identified the nearest Sahara refund office, visit it in person. Be prepared for long queues and potentially time-consuming procedures, as the refund process is extensive.
5. Fill Out the Application Form
At the Sahara refund office, you will be provided with an application form. Fill out this form accurately and truthfully. Ensure that all the details match the documents you provide.
6. Submit the Required Documents
Submit the completed application form along with all the necessary documents to the authorities at the refund office. Make sure to keep copies of everything for your records.
7. Verification Process
After you’ve submitted your application, Sahara’s authorities will initiate a verification process. They will cross-check the information you provided with their records to confirm the authenticity of your investment.
8. Refund Amount Calculation
Once your documents are verified, Sahara will calculate the refund amount you are entitled to, including any accrued interest as per SEBI’s directives.
9. Refund Payment
If your refund claim is approved, Sahara will initiate the refund payment to your registered bank account. Make sure the bank account details provided in your application form are accurate to avoid any delays.
10. Keep Track of Your Application
It’s crucial to keep a record of your application number and other relevant details provided by Sahara. This will allow you to check the status of your refund at a later date.
11. Await Communication
Sahara may reach out to you through various means, such as email, SMS, or postal mail, to inform you about the progress of your refund application and the expected timeline for the refund.
12. Be Patient
The Sahara refund process can be time-consuming due to the sheer volume of refund requests. It may take several months or even years before you receive your refund. Stay patient and persistent in following up on your application’s status.
Conclusion
Recovering your investment from Sahara’s OFCDs may be a challenging and protracted process, but it’s essential to persevere. The refund process is subject to legal and regulatory constraints, and it’s imperative to provide accurate information and maintain patience throughout the process. Keep copies of all documents, maintain communication with Sahara authorities, and stay informed about any updates regarding your refund application. Ultimately, justice will prevail, and you will receive the refund you rightfully deserve.
Go to Official Website of Sahara Refund portal Now For Claim