A sum of Rs 362.91 crore has been released to 4,20,417 depositors of Sahara Group of Cooperative Societies as on July 16, said Minister of Cooperation, Amit Shah in a written reply to a question in the Rajya Sabha.

He further stated that applications received on the portal are being processed in a transparent manner, on proper identification and on submitting proof of their identity and deposits.

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The payment is being deposited directly in the Aadhaar seeded bank account of the genuine depositors.

Presently, payment only upto Rs.10,000/- is being disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar seeded Bank account, he said.

It is to be highlighted that in compliance with the order from Supreme Court, dated March 29, 2023, an Online Portal “CRCS-Sahara refund portal” https://mocrefund.crcs.gov.in was launched on July 18, 2023.

The portal aimed at submission of claims by the genuine depositors of four 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 Supreme Court with the assistance of Gaurav Agrawal, Amicus Curiae.

In its order, the Apex Court has said, “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.”