Union Home Minister Amit Shah Launches CRCS - Sahara Refund Portal, Marking a Milestone in Returning Stuck Investments to Genuine Depositors

Union Home Minister and Minister of Cooperation, Shri Amit Shah, launched the CRCS - Sahara Refund Portal (https://mocrefund.crcs.gov.in/) in New Delhi today(18 July 2023). This portal has been developed to facilitate the submission of claims by genuine depositors of Cooperative Societies belonging to the Sahara Group. The cooperative societies included are Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.

Under the leadership of Prime Minister Shri Narendra Modi, this initiative aims to return the hard-earned money of millions of people that had been stuck due to scams. It marks a significant achievement in providing relief to the affected investors.

Prime Minister Shri Narendra Modi established a separate Ministry of Cooperation and conducted discussions with various stakeholders to address the concerns of small investors. The refund process of Rs. 5,000 crore transparently commences today, ensuring that genuine investors are protected from manipulation or injustice.

The CRCS - Sahara Refund Portal can be accessed through the website of the Ministry of Cooperation. Depositors need to submit their claims and upload the necessary documents for verification. Once the claims are verified, the refund amount will be transferred directly to the depositor's Aadhaar-linked bank account within 45 days of the online claim submission.

During the launch event, Union Minister of State for the Ministry of Cooperation Shri B.L. Verma, Justice R. Subhash Reddy (Former Judge of the Supreme Court), and Secretary of the Ministry of Cooperation, Shri Gyanesh Kumar, were present alongside the depositors of the four cooperative societies of Sahara Group.

In his address, Shri Amit Shah highlighted the importance of this program, emphasizing that the concerns of people whose money was stuck in these cooperative societies needed attention. He acknowledged the insecurity and mistrust that arises when investors' capital gets stuck due to scams. Shri Shah emphasized that cooperative movements provide opportunities for people to contribute to the country's development, even if they lack significant capital. Prime Minister Shri Narendra Modi's decision to establish a separate Ministry of Cooperation reflects the government's commitment to empowering small investors.

Shri Amit Shah further explained that the Supreme Court had dealt with the Sahara case for several years, resulting in the sealing of properties and accounts. This led to a loss of credibility for cooperative societies. To address the issue, the Prime Minister formed a separate Ministry of Cooperation and initiated discussions with stakeholders. A historic decision was made by the Supreme Court to establish a committee, headed by a former Supreme Court judge, to ensure transparent payment processes. Today, the trial basis refund process of Rs. 5,000 crore commences, and an appeal will be made to the Supreme Court to refund the remaining amount once the initial payment is completed.

The Union Home Minister and Minister of Cooperation assured investors that those who have made investments will receive their refunds through the portal. The Ministry of Cooperation has instructed arrangements to be made for filing applications through Common Service Centers (CSC). Investors are requested to register online through CSC facilities. Two main conditions for the refund process include linking the investor's Aadhaar card to their mobile number and bank account.

The Union Minister of Cooperation emphasized the significance of the day, as investors are receiving their money transparently for the first time, thanks to the leadership of Prime Minister Shri Narendra Modi. This achievement benefits millions of people who had been affected by scams and were awaiting the return of their hard-earned money. Approximately 1.78 crore small investors, with amounts up to Rs. 30,000 stuck, will be able to recover their investments.

The refund process is being supervised and monitored by Justice R. Subhash Reddy, a former judge of the Supreme Court, with the assistance of Shri Gaurav Agrawal, an Advocate acting as Amicus Curiae. Four senior Officers on Special Duty (OSDs) have been appointed for each of the cooperative societies to assist in the refund process.

The online portal, designed for the submission of claims, ensures user-friendliness, efficiency, and transparency. The entire process is digital, incorporating necessary checks and balances to ensure that only legitimate deposits are refunded. The Ministry of Cooperation's website provides access to the portal. Genuine depositors are required to fill out the online application form and upload the required documents for verification. Once the verification is complete, the payment will be credited to the depositor's bank account within 45 days, subject to fund availability. Status updates will be communicated through SMS and the portal. Genuine depositors are requested to ensure their Aadhaar-linked mobile number, bank account, and the necessary documents as proof of their claim and deposits.

Today's launch of the CRCS - Sahara Refund Portal signifies a significant step towards providing relief to the affected investors and restoring their faith in cooperative societies.