However, neither Roshanlal ever came in front of the media nor could the media reach him. Roshanlal claimed that he had bought bonds of Sahara Group companies. Bonds have been issued in violation of rules. These bonds were issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation. A demand was made to get them investigated. However, later there was no trace of Roshanlal. Sahara Group’s lawyers sent letters to Roshanlal’s address but they too were returned colourless. Media reports claim that this complaint was made by some corporate group in the name of Roshanlal.
The empire collapsed due to letters
National Housing Bank sent the alleged letter of Roshanlal to SEBI. Only SEBI could investigate such cases. A month later, an advocacy group from Ahmedabad – Professional Group for Investment Protection also sent a letter to SEBI. After this, SEBI’s investigation started and one by one the layers started being revealed. SEBI banned the activities of Sahara Group on 24 November 2010. When the matter reached the Supreme Court, an order came from there to return the money to the investors with 15 percent annual interest rate. Investors had to return Rs 24 thousand crores.
Subrata Roy had to go to jail
After the investigation that started with Roshanlal’s letter, the actions of Sahara Group started coming to light. The Supreme Court ruled in 2012 that Sahara Group companies had violated SEBI rules. Sahara’s companies could not even return their investments to their investors. Because of this Subrata Roy also had to go to jail. Sahara chief remained in jail for two years. Came out on parole in 2017. Sahara said that it wants to return the money to the investors but its money has been blocked by SEBI.
