Executive Summary:
The Ministry of Cooperation is addressing refunds to investors of Sahara Cooperatives following a Supreme Court order on March 29, 2023. An online portal was launched on July 18, 2023, for depositors to submit claims. As of July 23, 2025, Rs. 5,139.23 Crore has been disbursed to 27,33,520 depositors, with the refund process extended until December 31, 2025.
Key Points / Main Content:
Supreme Court Order:
* Rs. 5000 Crores was transferred from the Sahara-SEBI Refund Account to the Central Registrar of Cooperative Societies for disbursement to genuine Sahara Group Cooperative Societies depositors.
* Disbursements are supervised by Justice R. Subhash Reddy and assisted by Shri Gaurav Agarwal (Amicus Curiae).
* The Central Registrar of Cooperative Societies, in consultation with Justice Reddy and Shri Agarwal, determined the payment modalities.
Online Portal and Claim Submission:
* The CRCS-Sahara Refund Portal (https:mocrefund.crcs.gov.in) was launched on July 18, 2023, for claim submissions by depositors of four Multi-State Cooperative Societies of Sahara Group.
* The disbursement process is digital and paperless.
* Applications are processed based on proper identification and proof of deposits, with payments deposited directly into Aadhaar-seeded bank accounts.
* A re-submission portal (https:mocresubmit.crcs.gov.in) was launched on November 15, 2023, for addressing deficiencies in applications.
Eligibility and Disbursement Details:
* Depositors with matured and unpaid deposits as of March 31, 2023, are eligible to apply.
* Currently, only the principal amount is being disbursed, up to Rs. 50,000 per genuine depositor, via their Aadhaar-seeded bank account.
* The ceiling limit per depositor is increased periodically, prioritizing small depositors and fund availability.
Current Status and Timeline:
* As of July 23, 2025, Rs. 5,139.23 Crore has been disbursed to 27,33,520 depositors out of 1,35,34,410 depositors, with Rs. 523.72 Crore remaining for disbursement.
* The Supreme Court has extended the refund disbursement deadline to December 31, 2025.
Impact Analysis:
Sahara Cooperative Depositors:
* Impact: Eligible depositors are receiving refunds of their matured deposits, up to a current limit of Rs. 50,000, through a transparent and digital process.
* Action Required: Submit claims through the CRCS-Sahara Refund Portal (https:mocrefund.crcs.gov.in) with necessary identification and deposit proofs. Address and resubmit any deficiencies through the re-submission portal (https:mocresubmit.crcs.gov.in).
Central Registrar of Cooperative Societies:
* Impact: Responsible for disbursing Rs. 5000 Crores to genuine depositors of the Sahara Group Cooperative Societies in a transparent manner.
* Action Required: Work out the payment modalities in consultation with Justice R. Subhash Reddy and Shri Gaurav Agarwal. Process applications received through the portal, ensuring proper identification and verification.
Justice R. Subhash Reddy (Former Judge) and Shri Gaurav Agarwal (Amicus Curiae):
* Impact: Oversee and assist in the disbursement of refunds to ensure transparency and proper execution.
* Action Required: Supervise and monitor the disbursement process, provide guidance to the Central Registrar of Cooperative Societies, and ensure the integrity of the refund process.
Key Entities Referenced
Sahara Cooperatives: Refers to a group of cooperative societies, specifically Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd., which are the subject of the refund process.
Ministry of Cooperation: The Government of India ministry responsible for cooperative societies and the refund process related to Sahara Cooperatives.
Central Registrar of Cooperative Societies: An entity responsible for disbursing the funds from the SaharaSEBI Refund Account to the legitimate depositors of the Sahara Group of Cooperative Societies.
SaharaSEBI Refund Account: An account holding Rs. 24,979.67 Crores, from which refunds are being made to depositors of the Sahara Group of Cooperative Societies.
Justice R. Subhash Reddy: Former Judge of the Supreme Court, appointed to supervise and monitor the disbursement of refunds to the depositors of the Sahara Group of Cooperative Societies.
Shri Gaurav Agarwal: Learned Advocate, appointed as Amicus Curiae to assist Justice R. Subhash Reddy and the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies.
Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh: One of the four Multi-State Cooperative Societies of Sahara Group, whose depositors are eligible for refund.
Aadhaar: A 12-digit unique identity number issued to all Indian residents based on their biometric and demographic data. The refund payment is being deposited directly in Aadhaar seeded bank account of the genuine depositors.
GOVERNMENT OF INDIA
MINISTRY OF COOPERATION
LOK SABHA
UNSTARRED QUESTION No. 1446
TO BE ANSWERED ON 29th JULY, 2025
Refund Status of Money deposited with the Sahara Cooperatives
1446 # Shri Rajeev Rai:
Will the Minister of Cooperation (सहका(cid:303)रता मं(cid:361)ी) be pleased to state:
(a) whether the Government is returning of the matured amount by investors with the Sahara
Cooperatives about a decade back;
(b) if so, the details of such refund made since the beginning of the scheme and the ceiling
amount upto which the refund has been made to each investors;
(c) the number of investors that have been returned their deposits alongwith interest and the
investors who are yet to be returned their matured amount;
(d) whether the Government is considering increasing the ceiling of refund to investors who
have invested more money than the present ceiling, if so, the details thereof;
(e) the number of balance money left with the Government for refund and the number of
investors who are left to be returned their matured amount; and
(f) the time expected to complete this refund process to all the investors with the four Sahara
cooperatives?
ANSWER
THE MINISTER OF COOPERATION
(SHRI AMIT SHAH)
(a) to (f): In an Interlocutory Application filed by the Ministry of Cooperation in WP (C)
No.191/2022 (Pinak Pani Mohanty vs UoI & ors.), the Hon’ble Supreme Court on 29.03.2023
inter alia ordered that:
“(i) 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 thedepositors 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.
(ii) The disbursement shall be supervised and monitored by Justice R. Subhash Reddy,
Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned
Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well
as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine
depositors of the Sahara Group of Cooperative Societies. The manner and modalities for
making the payment is to be worked out by the Central Registrar of Cooperative Societies
in consultation with Justice R. Subhash Reddy, Former Judge of this Court and Shri
Gaurav Agarwal, learned Advocate.”
In compliance of the Hon’ble Supreme Court’s Order dated 29.03.2023, an Online
Portal “CRCS-Sahara refund portal” https://mocrefund.crcs.gov.in has been launched on
18.07.2023 for submission of claims by the genuine depositors of 4 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 Hon’ble Supreme Court of India with the assistance of Shri Gaurav Agrawal, Amicus Curiae.
Applications received on the Portal are being processed in transparent manner, on
proper identification and on submitting proof of their identity and deposits. The payment is
being deposited directly in Aadhaar seeded bank account of the genuine depositors. As per
Standard Operating Procedure (SOP), depositors whose deposits have matured and remained
unpaid as on 31.03.2023, are eligible to submit their application on the portal. Presently,
principal amount payment only upto Rs.50,000/- is being disbursed to each genuine depositor
of the Sahara Group of Cooperative Societies against verified claims through Aadhaar seeded
Bank account. Further, ceiling limit of disbursement per depositor is increased from time to
time keeping in mind the small depositors on priority and availability of funds.
Further, in case of any deficiency found in the application of the depositor on the portal,
deficiencies are being conveyed to them for re-submission of their application through the “Re-
submission portal” https://mocresubmit.crcs.gov.in already launched on 15.11.2023.
As on 23.07.2025, an amount of Rs. 5,139.23 Crore has been disbursed to 27,33,520
depositors out of 1,35,34,410 depositors of Sahara Group of Cooperative Societies and amount
of Rs. 523.72 Crore was available for disbursement. The Hon’ble Supreme Court has granted
the extension for disbursement of refund to the Sahara depositors upto 31.12.2025.
******