CRCS-Sahara Refund Portal Launched: Returning Hard-Earned Money to Millions

Union Home Minister and Minister of Cooperation, Amit Shah, took a significant step towards addressing the concerns of genuine depositors today by launching the Central Registrar of Cooperative Societies- CRCS-Sahara Refund Portal in New Delhi.

This online portal, accessible at https://mocrefund.crcs.gov.in, has been specifically designed for the submission of claims by depositors of Cooperative Societies within the Sahara Group, namely Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.

The launch event was graced by the presence of Union Minister of State for Ministry of Cooperation, B.L. Verma, Justice R. Subhash Reddy, Former Judge of Supreme Court, and Secretary, Ministry of Cooperation, Gyanesh Kumar, along with the depositors of the four cooperative societies of Sahara Group.

Addressing the gathering, Amit Shah emphasized the importance of this initiative, stating that the concerns of individuals whose hard-earned money was trapped in these co-operative societies had not been adequately addressed. He acknowledged that in such cases, while multi-agency seizures often occur, the plight of the investors is often overlooked. This leads to feelings of insecurity and mistrust towards cooperative societies.

Shah highlighted that the cooperative movement is crucial, as millions of people in the country lack capital but are eager to contribute to the nation’s development. The formation of a separate Ministry of Cooperation under the leadership of Prime Minister Narendra Modi reflects the government’s commitment to fostering cooperative initiatives.

The Union Home Minister acknowledged that in some instances, allegations of scams tarnish the credibility of cooperative societies, leaving investors in dire situations. To address this issue, a committee was formed under the chairmanship of a former Supreme Court judge, as directed by the Supreme Court, to ensure a transparent payment process. The portal’s initial phase will involve returning an amount of Rs. 5,000 crore to investors in a transparent manner. After completing this phase, further efforts will be made to refund the remaining investors.

Amit Shah provided details about the functioning of the portal. It will facilitate payments of up to Rs. 10,000 to one crore investors who had deposited Rs. 10,000 or more. The portal contains comprehensive data from all four societies, ensuring a streamlined application process. Necessary provisions have been implemented to prevent manipulation or injustice to any genuine investor.

The Minister of Cooperation stressed that only those who have made investments would be eligible for refunds. To apply, investors must ensure that their Aadhaar card is linked to their mobile number and bank account. The refund process is expected to be completed within 45 days, and arrangements have been made to file applications through Common Service Centers (CSC) for the convenience of applicants.

The launch of this portal marks a significant milestone in the efforts to address the concerns of depositors affected by the Sahara Group cooperative society scam. It is a transparent and efficient initiative that aims to provide financial relief to genuine investors.

The cooperation of all stakeholders, including the appointed Societies, Auditors, and OSDs, ensures a smooth disbursement process. The government, under the leadership of Prime Minister Narendra Modi, is committed to fostering an environment where cooperative movements can flourish and contribute to the nation’s progress.