SFIO Probes Sahara: Refunds Under Scrutiny

The Serious Fraud Investigation Office (SFIO) is conducting a detailed investigation into Sahara group companies. Minister Nirmala Sitharaman revealed that the investigation, mandated by the Supreme Court, focuses on unclaimed refunds by investors. After SFIO's detailed report, further actions will follow, she said.

The Serious Fraud Investigation Office (SFIO) is thoroughly investigating the Sahara group companies, Union Finance Minister Nirmala Sitharaman disclosed in the Lok Sabha on Monday. The probe is expected to lead to subsequent actions based on SFIO's findings.

Addressing a query on the unclaimed refunds by Sahara group investors, Sitharaman emphasized that the Supreme Court diligently monitors the entire affair, and the government acts per its directives. She noted that mainly small investors have claimed refunds and the SFIO is exploring why the remaining investors have not come forward.

The minister highlighted that the SFIO's detailed analysis would shed light on the situation, enabling appropriate action. So far, 19,650 out of 3.7 crore investors have claimed refunds, with 17,250 claims settled and others pending additional documentation. Sitharaman reiterated that the central government's involvement is limited by the Supreme Court's oversight.