Sahara India chief among 19 booked for cheating

  • | Monday | 19th November, 2018

Attracted by the returns, 84 citizens invested over Rs 57 lakh in July 2012. However, they were informed by local managers to divert their investments in Sahara Credit Cooperative Limited. Vadodara: Beleagured Sahara India chairman Subroto Roy and 18 others were booked by the Vadodara crime branch for cheating 84 citizens of over Rs 57 lakh.Three local managers of Roy’s company – Sahara Q Shop Unique Product Limited – were arrested on Sunday for their involvement in the cheating. Police said that the investors were told that if they will not divert their investments, their money will not be returned. The trio has been identified as Surendrasinh Solanki, Balvantsinh Rajput and Zuber Patel.Sahara Q Shop, which was floated by Sahara India in 2011, had accepted investments starting with Rs 12,500 from citizens.

Vadodara: Beleagured Sahara India chairman Subroto Roy and 18 others were booked by the Vadodara crime branch for cheating 84 citizens of over Rs 57 lakh.Three local managers of Roy’s company – Sahara Q Shop Unique Product Limited – were arrested on Sunday for their involvement in the cheating. The trio has been identified as Surendrasinh Solanki, Balvantsinh Rajput and Zuber Patel.Sahara Q Shop, which was floated by Sahara India in 2011, had accepted investments starting with Rs 12,500 from citizens. Police said that the Sahara India had conducted a countrywide advertisement blitzkrieg in newspapers and televisions against adulteration at the time of starting the company. They had brought in celebrities including Bollywood actors and cricketers for the advertisement through which the citizens were lured.According to police, the investors were promised double returns on their investments at the end of six years. Attracted by the returns, 84 citizens invested over Rs 57 lakh in July 2012. Few months back when the maturity period arrived, the investors asked the company to return the money. However, they were informed by local managers to divert their investments in Sahara Credit Cooperative Limited. Police said that the investors were told that if they will not divert their investments, their money will not be returned. The local managers were also handed over list of investors to convince them to divert their funds to Sahara Credit Cooperative Limited.“These 84 victims wanted their money back as they needed it, but when the money was not given they approached us,” said Jaydeepsinh Jadeja , deputy commissioner of police (crime). He added that so far only 84 victims have come forward, but there is a possibility that there may be around 1,000.As the three arrested accused are local managers, police said that they will also act against Roy.Earlier in August this year, union minister of state for corporate affairs P P Chaudhary had said that the ministry had got 537 complaints against Sahara Q Shop for not returning the deposites to investors on maturity.

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