Sahara Refund Process: Check Eligibility, Register on CRCS Portal for Refund

The Union Home Minister and Minister of Cooperation, Amit Shah launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal on July 18, 2023. It is a platform to offer refunds to investors. Sahaea is a Sahara India Pariwar which is a major conglomerate in India. It is a refund process to refund money to investors who have invested in its various financial schemes and ventures. For the last few years, Shara has been involved in several legal and regulatory battles regarding the refund of funds collected from investors.

As per Amit Shah,  the first payment of 10,000 will be paid to the 1 crore investors who funded the Sahara India Pariwar. To get the refund, investors have to submit some documents and register themselves to the CRCS Sahara Refund Portal.

Who is Eligible For Red Fund on CRCS- Sahara Refund Portal?

The legal depositors of Sahara societies are eligible to get a refund on CRCS- Sahara Refund Portal. Following are the genuine and legal societies of Sahara-

• Humara India Credit Cooperative Society Limited, Kolkata.

• Sahara Credit Cooperative Society Limited, Lucknow.

• Saharayan Universal Multipurpose Society Limited, Bhopal

• Stars Multipurpose Cooperative Society Limited, Hyderabad

Candidates who file an online request for a refund by the CRCS- Sahara Refund Portal will get the refund only.

How To Register For The CRCS Sahara Refund Portal?

To register on the CRCS Sahara Refund Portal, depositors need to follow these steps-

• Depositor Registration: To begin the registration process, follow steps-

• Visit the home page of CRCS Sahara Refund Portal and click on “Depositor Registration”.

• Now, enter the last 4 digits of your Aadhar Card and mobile number linked to Aadhar on the registration page.

• Now, enter the “Get OTP” and enter the received OTP.

• Click “Verify OTP” to complete the mandatory registration.

• Depositor Login: Now login to the CRCS Sahara Refund Portal.

• After registration, you can log in to the account. Visit the Home page of CRCS Sahara Refund Portal, now “Depositor Login”.

• Now, enter the last 4 digits of your Aadhar card and the mobile number linked to the Aadhar card

• Enter the OTP you get on the registered mobile number.

• Click on Verify OTP to log in.

Required Document To Claim For CRCS Sahara Refund?

To claim a refund on CRCS Sahara Refund, depositors need to submit certain documents. The following documents are as followed-

• Deposit Certificate/Passport: Candidates have to submit a Deposit certificate or passport of the respective Sahara Group cooperative society. It is an important document used to validate the deposit amount.

• Claim Request Form: It is required to apply for the online application form on the CRCS Shara Refund Portal. Make sure to submit the request accurately on the portal.

• Pan Card: You need to submit a PAN card. If the claimed amount is Rs, 50,000 and above, it is a mandatory document to submit for the refund. It is essential for verification and compliance purposes.

• Aadhaar-seeded Bank account, membership number, and Aadhaar linked Mobile number are also mandatory.

These documents are mandatory for the refund process. It ensures transparency and verification of the claims made by the depositors.

How to claim the Sahara Refund Portal?

• Login to your Depositor login account.

• Enter the last four digits of your Aadhar card and mobile linked with your Aadhar card on the “Depositor Login Screen”. Complete the captcha and get OTP.

• Enter the OTP received on your registered mobile number with your Aadhar Card

• Now you log in to your account.

• You will see the Aadhar Consent Screen. Read the terms and conditions and click on the “I Agree” button to proceed to the next page.

• Now, enter your 12-digit Aadhar Card number and click Get OTP. OTP will be sent to the linked mobile number.

• Enter the OTP received on the registered mobile number

• Verify the OTP.

• After verification, the system will display the Aadhar details like First name, middle name, last name, Date of birth, father name, etc.

• If you want to link your email, then enter your email address save it and proceed to the next page.

• The depositor will enter details as displayed on the screen

• Now, click on the “Add Clamin” Button. You can see all the details here. Here, the Depositor will be able to add multiple Claim Details.

• You can generate a pre-filled claim request form once all the claim data have been entered by you.

• Affix the recent photograph and duly sign across the photo as well as the Claim form.

• Now, upload the claim form with a copy of your PAN card and click on upload document to the system.

• A thank you page will display on the screen with a claim request number. Not down this claim request number to use in future.

How To Know If Refunds Are Received or Not?

If the refund is approved by the CRCS Sahara Refund Portal, it will be informed by SMS to the given mobile at the time application process. Remember, you cannot change your bank account number and details after filling out the application process.

After submitting the form to the CRCS Sahara Refund Portal, you can also log in to the portal to check the refunding process. There is an expectation of 45 days to complete the refunding process.

Understand Complete Sahara Fraud

The Sahara Fraud case is a financial scam in India under the name of Sahara India Pariwar. It is a conglomerate with an interest in finance, real estate, media, and more. It is headed by Subrata Roy Shara. They operate various financial schemes that collect funds from millions of investors across India. In 2008, the Securities and Exchange Board of India (SEBI) found that Sahara’s investment schemes violated securities laws.  They alleged that Sahara had raised funds from investors through optionally fully convertible debentures (OFCDs) without obtaining necessary regulatory approvals. They raised a total of around Rs. 24,000 crores around India and scammed a number of investors. After this, the case went through several legal battles. This matter even reached the Supreme Court of India, which directed Sahara to refund the collected funds to investors.

After the Supreme Court’s order, they established the Sahara Claims Refund System (CRCS) to begin the refund process. Investors have to submit the document to prove their investment to the company and get eligibility for refunds. Sahara began the refund process through the CRCS and refunded the investor’s bank account.

Challenges

To complete the refund process, they are facing several challenges like

• Verification Of a large number of investors and their investment in the portal

• Addressing discrepancies in submitted documents and details.

• Managing the logistics of refund disbursement on such a massive scale

FAQ (Frequently Asked Question):-

How do I get a refund from Sahara money?

To get a refund from Sahara money, you need to register on the official website of CRCS- Sahara Refund Portal. Log in with the Aadhar card, registered mobile number and submit the required document to get the refund amount.

Will Sahara ever return the money?

Yes, it is believed to get the first payment of up to 10000 on the bank account as a refund from the Sahara Company. It is even stated by Amit Shah.

How long does the Sahara refund take?

It is believed to get the refund within 14 days after applying to the official website of CRCS- Sahara Refund Portal.

Why Sahara refund is rejected?

The mismatch of data of Shara investors is the reason for not getting a refund. It is important to provide accurate data at the time of the application process.

How do I contact Sebi for Sahara refund?

For recovery and refund, you can contact SEBI by calling on toll-free number – 1800 266 7575 or register your complaint on the official website of SEBI.

Why refund is not credited?

If you don’t get the Sahara refund there will be a mismatch of data with the company. Make sure to enter accurate data at the time of the application process.