Sahara Group chairman Subrata Roy passes away at 75

Subrata Roy, the founder of Sahara India Pariwar, passed away on November 14. He was 75.

In a statement, the Sahara group said, "Saharasri ji an inspirational leader and visionary, passed away on 141h November 2023 at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on 12th November 2023, following a decline in health. " Roy is survived by wife Swapna Roy and two sons, Sushanto Roy and Seemanto Roy.

Born in Bihar's Araria in 1948, he made a modest start with a capital for only Rs 2,000 to build Sahara India. Eventually he shifted to Lucknow in the 1990s and made the city the headquarters of his group. The company was once hailed by Time magazine as the second-largest employer in India after Indian Railways.

Over the years, the company grew and Roy became known for hosting film stars at events and having “friends” across political parties. He was known to share deep ties with Mulayam Singh Yadav and his Samajwadi Party. "The death of Shri Subrata Roy ji is an emotional loss for Uttar Pradesh and the country because along with being a very successful businessman, he was also a very sensitive person with a big heart who helped countless people and became their support," Samajwadi Party chief and former UP Chief Minister Akhilesh Yadav said in a post on X.

Under Roy’s leadership, Sahara expanded into numerous businesses. It launched the Hindi language newspaper Rashtriya Sahara, initiated the Aamby Valley City project near Pune and entered the television space with Sahara TV. In the 2000s, Sahara acquired iconic properties such as London's Grosvenor House Hotel and New York City's Plaza Hotel.

However, soon Sahara faced a host of issues over funds in the "Sahara chit fund scam". The market regulator SEBI moved against him. It was alleged that the company had collected over Rs 24,000 crore from three crore individuals. The Himachal Pradesh High Court asked the Enforcement Directorate to look into alleged money laundering by the Lucknow-based group.

Roy was sent to jail on March 4, 2014, for not paying an outstanding amount of Rs 10,000 crore. According to Indian Express, the court stated that would not be released until he brought in Rs 5,000 crore in cash and Rs 5,000 crore by way of bank guarantee. In 2013, Sahara had sent 127 trucks containing 31,669 cartons of over three crore application forms and two crore redemption vouchers to the SEBI office. He was jailed for He stayed in jail for over two years and was out on parole in 2016.

Earlier this year a website was opened where depositors of the Sahara Group of Cooperative Societies can claim their refund in 45 days. It was reported that only 4,600 investors came forward to collect the refund in 2014. The regulator was unable to trace the investors.

Calling him an inspirational leader and visionary, the company statement said, "his loss will be deeply felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him".