Sahara India’s chairman, Subroto Roy among 18 others were booked by Vadodara crime branch for cheating 84 Barodians of over Rs 57 lakh.
Three managers from Subroto’s company, Sahara Q Shop Unique Product Limited were arrested on Sunday for cheating. They had been identified as Surendrasinh Solanki, Balvantsinh Rajput, and Zuber Patel.
The company was floated by Sahara India in 2011 and had accepted investments with the starting price of Rs 12500 from citizens. Their advertisement was conducted countrywide in newspapers and televisions against adulteration during the starting of the company. They lured citizens by bringing in Bollywood celebrities and cricketers for the advertisement.
The company had promised its investors with double returns on their investments at the end of six years. 84 citizens got attracted and invested over Rs 57 lakh in July of 2012. When the time arrived for double returns, the investors asked for their money but were informed by local managers to divert their investments to Sahara Credit Cooperative Limited. Managers also told them that if they don’t divert, they’d be losing all their money returns.
When all the 84 investors didn’t get their money back, they approached the police crime branch. Cops are suspecting that there may be around 1000 victims out of which only 84 came forward to lodge the complaint.
Adding to that, the union ministry of state for corporate affairs has got 537 complaints against Sahara Q Shop for not returning the deposits to investors on maturity.
