Sahara Group Case: Who is Roshan Lal whose letter sent Sahara chief Subrata Roy to jail

New Delhi: The Sahara Group was once one of the most powerful business houses in the country. Its business spanned real estate, media, hospitality, financial services and airlines. It also had a team in IPL. The group also had investments in Formula One team Force India. Sahara Group was also the sponsor of the Indian cricket team for many years. Even in the corridors of power of Sahara Chief Subrata Roy, his tuti used to speak. Many big leaders and actors attended the wedding of his sons. Then what happened after all that such an influential man had to go to jail. It is said that one letter had opened the entire raw sheet of the alleged disturbances going on in Sahara. After all, what was there in that letter and who wrote that letter?

On January 4, 2010, a person named Roshan Lal sent a note written , to the National Housing Bank. Roshan Lal claimed that he lives in Indore and is a CA by profession. In this letter, he requested NHB to investigate the bonds issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, two companies of Lucknow-based Sahara Group. He said that a large number of people have bought bonds of Sahara group companies but these have not been issued as per the rules.

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prison wind

The National Housing Bank did not have the authority to investigate such allegations, so it forwarded the letter to the capital market regulator SEBI (Securities and Exchange Board of India). A month later, SEBI received a similar note from Professional Group for Invest Protection, an advocacy group based in Ahmedabad. On November 24, 2010, SEBI banned Sahara Group from raising money from the public in any form. Eventually the matter reached the Supreme Court and the court ordered Sahara Group to return the investors’ money with an interest of 15 per cent per annum. This amount was Rs 24,029 crore.

In the year 2012, the Supreme Court had said in its decision that Sahara group companies violated SEBI laws. The companies said the money was raised from millions of Indians who could not avail banking facilities. When the Sahara group companies failed to pay the investors, the court sent Roy to jail. He has spent more than two years in jail. He is on parole since May 6, 2017. For the first time, he got parole in the name of attending his mother’s funeral, which was later extended.

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where did roshan lal go

The government recently told Parliament in a written reply that Sahara India Real Estate Corporation Limited (SIRECL) collected Rs 19,400.87 crore from 232.85 lakh investors and Sahara Housing Investment Corporation Limited (SHICL) collected Rs 6380.50 crore from 75.14 lakh investors. Had done Sahara says that it wants to return the investors money but this amount is stuck with SEBI. SEBI, on the other hand, says that it has been able to refund only Rs 138.07 crore, including interest, to Sahara’s investors. The reason for this is that he has received only so many claims.

Sahara Group tried to find Roshan Lal but he could not be found. Sahara Group’s lawyers had stated on record that Enam Securities, the merchant banker of the Sahara Prime City issue, had sent a letter to Roshan Lal’s address in Janta Colony, Indore, but it was returned. It was written that the address was not found. Not only this, many people interested in this matter also tried to find Roshan Lal but he could not be found. Experts say that there is no such person named Roshan Lal. This work can be done by a corporate rival.