Ministry of Cooperation launches CRCS Sahara Refund Portal

The portal can also be accessed through the website of the Ministry of Cooperation. Investors must have Aadhar Card which must be linked to both their mobile number and bank account.

On July 18, the Union Home Minister and Minister of Cooperation Shri Amit Shah, inaugurated the Central Registrar of Cooperative Societies (CRCS) - Sahara Refund Portal.

The portal has been designed for the submission of claims by genuine depositors of Cooperative Societies of Sahara Group - Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.

He further added that the process of returning the amount of Rs 5000 Crore to the investors is transparently starting today on a trial basis and after the completion of the Rs 5000 Crore payment, another appeal will be made in the Supreme Court to return the amount to the remaining investors.

Through this online portal, the first payment of up to Rs 10,000 will be disbursed to one crore investors who had deposited Rs 10,000 or more. The complete data of all four societies is accessible on this platform for easy application.

It was emphasized that the process has been carefully designed with robust provisions to ensure transparency and prevent any form of manipulation or injustice to genuine investors.

Under the leadership of Prime Minister Narendra Modi, investors are finally receiving their money, which was previously stuck due to the scam, transparently. This achievement marks a significant milestone as it ensures a fair and accountable process for returning the funds to the rightful investors.

On March 29, Supreme Court issued an order, directing the transfer of Rs 5000 Crores from the “Sahara-SEBI Refund Account” to the CRCS for the disbursement of legitimate dues to the genuine depositors of the Sahara Group of Cooperative Societies. Justice R. Subhash Reddy, a Former Judge of the Supreme Court, is overseeing and monitoring the entire disbursement process.

To apply for a refund, the investors are required to register online through the facility of Common Service Centers (CSC). There are two main conditions related to the process: first, the investor’s Aadhaar card must be linked to their mobile number, and second, the Aadhaar card must be linked to their bank account. Amit Shah, assuring the investors, stated that the funds will be deposited into their bank accounts within a timeframe of 45 days.

The legitimate depositors of these Societies are required to submit their claims by filling out an online application form accessible on the portal and uploading the necessary documents. To verify their identity, the depositors will undergo an Aadhaar card authentication process.

Once their claims and uploaded documents are verified by the appointed Societies, Auditors, and OSDs (Officers on Special Duty), the payment will be credited to their respective Bank accounts within 45 days from the date of filing their online claims. However, this process is subject to fund availability, and the depositors will receive status updates through SMS or the portal too.

Additionally, the portal can be accessed through the official website of the Ministry of Cooperation. This allows for easy and convenient access for users seeking information or applying for refunds related to cooperative society matters.

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