‘SFIO probe into Sahara group of cos underway’

New Delhi: The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group of companies and it is also looking into the reason behind a sizeable number of investors not coming forward to claim the invested money in the company, Union Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday.

Sitharaman also said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting according to the directives of the apex court.

“It is true that only small investors have come forward to claim the refunds. The SFIO is investigating the entire matter. It is also looking into why all the investors have not come forward to claim the refunds and where are they.

“The SFIO is going into a detailed analysis of this. We hope that at the end of it more legitimate claimants come and we can give the money,” she said during Question Hour.

The minister said the whole picture will be clear and action can be taken after the detailed analysis of the SFIO.

“I want to dispel this thought that the government of India is not doing anything. We are constantly reporting to the Supreme Court.

“Three panels of retired judges of the Supreme Court are monitoring us. They are approving every claim. Let no one doubt the intent and interests of the central government which is doing its best,” she said.

She said three committees of judges are looking into each of the claim related to the Sahara group of companies.

“Most of the small depositors’ money has been cleared because their documents are clean as per the three separate standard operating procedures,” she said.

Sitharaman said according to a 2022 Supreme Court order, a total of 3.07 crore people had invested about Rs 27,000 crore in the Sahara group of companies whose cases come under the Securities and Exchange Board of India (SEBI).

She said three advertisements were issued appealing the Sahara investors to come forward to claim refund.

So far, 19,650 people have come forward to claim the refunds. Of these, 17,256 claims were settled while rest of the applicants were told to provide more papers so that their claims can also be settled. As a result, so far Rs 138.07 crore could be given to the claimants, she said.