News Brief

Subrata Roy, Founder of Sahara Group, Passes Away At 75 After Long Illness

Swarajya Staff

Nov 15, 2023, 09:28 AM | Updated 09:30 AM IST

Subrata Roy
Subrata Roy

Subrata Roy, the founder and Chairman of Sahara Group, passed away at 75 in a Mumbai hospital due to cardiorespiratory arrest after a prolonged illness.

He was being treated at Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute.

Roy is survived by his wife Swapna Roy, and his two sons, Sushanto and Seemanto Roy.

Born in 1948 in Araria, Bihar, Roy relocated with his family to Gorakhpur, Uttar Pradesh, before eventually moving to Lucknow in the 1990s, establishing it as the headquarters of his business empire.

Sahara India Pariwar, founded in 1978 with a modest capital of Rs 2,000, has grown significantly under his leadership.

Samajwadi Party chief and former UP Chief Minister Akhilesh Yadav expressed condolences, acknowledging Roy's significant impact as a businessman and his philanthropic efforts.

Sahara India Pariwar, in their statement, expressed commitment to continuing Roy's legacy and vision for the organisation.

Roy's journey, however, was marred by legal troubles, notably the Sahara chit fund scam.

In 2012, the Supreme Court deemed an investment scheme by Sahara illegal, sparking a major controversy with SEBI and the Himachal Pradesh High Court asking the Enforcement Directorate to look into alleged money laundering by the Lucknow-based group.

Sahara Group battled numerous court cases until it was ordered to refund depositors.

This year, a website was launched for depositors of the Sahara Group of Cooperative Societies to claim refunds within 45 days, following a Supreme Court directive to transfer Rs 5,000 crore from the "Sahara-SEBI Refund Account" to CRCS.

Get Swarajya in your inbox.