Sahara Victims’ Struggle Front formed to Carry Forward the Battle to Reclaim their Money
A Sahara Victim’s Conference was held January 5 at IMA Hall in Patna, demanding the release of funds for nearly 3 crore Sahara investors whose hard-earned savings remain stuck due to massive Sahara fraud. The conference witnessed the participation of thousands of investors who have been tirelessly fighting to reclaim their money and formation of Sahara Victims’ Struggle Front to intensify their struggle.
CPI(ML) leaders, including Ara MP from Sudama Prasad, Legislative Party leader Mehboob Alam, and MLC Shashi Yadav participated in the conference.
Speaking at the conference, MP Sudama Prasad declared that the Sahara payment issue is no longer confined to Bihar but has emerged as a national crisis. He lambasted the BJP, saying, “Ahead of the Lok Sabha elections, the BJP promised Sahara investors they would receive their payments. But after coming to power, they have remained silent on the issue. Sahara victims are running pillar to post to retrieve their hard-earned money. Millions of families are now are facing severe crisis and government is showing callous attitude.”
The MP also criticised the sluggish pace of proceedings in the Supreme Court, where the matter has been pending since 2012. He added, “The slow judicial process has disheartened investors and activists alike. However, we will not remain silent. Our struggle will continue until investors get their money back.” He called upon all investors to assemble in large numbers at Gandhi Maidan in Patna on 9 March 2025 to raise their voices.
Between 2008 and 2011, Sahara’s two companies—Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL)—illegally raised around Rs. 24,000 crore from nearly crores of investors. This was done through optionally fully convertible debentures (OFCDs), bypassing the norms of the Securities and Exchange Board of India (SEBI). The Supreme Court of India upheld SECI’ decision of declaring the Sahara’s scheme as illegal in 2012, ordering Sahara to refund the money to investors with 15% annual interest. However, the refund has been slow and many investors, mostly from rural and semi-urban areas, have yet to receive their money.
The conference marked the formation of a 31-member organisational structure for the Sahara Victims’ Struggle Front. Lalit Kumar from Muzaffarpur was elected President, while Raju Prasad from Bhojpur was appointed State Secretary. The leadership team also includes 5 Vice Presidents, 5 Joint Secretaries, 1 Treasurer, and 1 State Spokesperson.
Leaders at the conference emphasised that the struggle of Sahara investors is not just a demand for payment but a fight for their rights. They vowed to continue the battle until every investor receives their dues.
The massive "Badlo Bihar Mahajutan" on March 9 at Gandhi Maidan will be a pivotal moment in the movement, as millions of investors are expected to participate.
With slogans such as “End the Portal Drama, Ensure Payments Now!” and “Establish District-Level Payment Offices!”, the participants expressed their commitment to intensify the struggle in the coming days.
