Sahara India's Kanpur Region Head, 2 Others Booked by Lalitpur Police for Not Refunding Investors’ Money

Moneylife Digital Team 10 February 2021

The Lalitpur police have registered a case against the branch manager, regional manager, and divisional head of Sahara India for accepting deposits under various term schemes and not refunding about Rs3 crore to investors, says a report.

According to a report from Amar Ujala, Priyank Kumar Jain from Pali, who worked in Sahara India's branch office for 20 years, took money from investors and turned it into fixed deposits under various schemes offered by Sahara India Credit Cooperative Society, Hamara India Credit Cooperative Society, Saharyan Universal Multipurpose Society Ltd and Sahara Q Shop and Unique Product Range Ltd.Mr Jain told the police he had deposited in these entities about Rs3 crore obtained from investors.

During the past two years, he regularly visited the Lalitpur branch office of Sahara India for withdrawal of the deposits, but did not receive any response. He even approached senior officials of Sahara at its Jhansi and Kanpur offices. After several meetings and phone calls with these officials and writing them many letters, there was no response and Sahara India failed to repay the invested amount to investors, Mr Jain says in his complaint.

In fact, some of his client-investors like Anil Kumar Jain, Jugal Kishore Soni, Shiv Shankar Soni and Premkumar Jain died while waiting to receive refund of their investments, While no money came from Sahara, he says.

Following directions from the superintendent of police (SP), the Lalitpur police registered a first information report (FIR) under Section 406 of the Indian penal code against three officials of Sahara India. These include, KD Maurya (branch manager at Lalitpur), Rajesh Kumar (regional manager, Jhansi) and Tariq Hussain, who is divisional head of Sahara India's Kanpur region.

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