Union Home Minister and Minister of Cooperation, Amit Shah, launched the CRCS-Sahara Refund Portal on July 18, 2023. This portal is designed to help investors get their money back from Sahara India Pariwar, a large business group in India. Over the years, Sahara has faced legal issues related to returning funds to people who invested in its financial schemes.
Amit Shah mentioned that initially, each of the 1 crore investors will receive ₹10,000. To get their refund, investors need to register on the CRCS Sahara Refund Portal and submit the required documents.
Who is Eligible For Fund on CRCS Sahara Refund Portal?
Only the genuine depositors from certain Sahara societies are eligible to receive refunds through the CRCS-Sahara Refund Portal. The approved Sahara societies for refunds are:
- 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
Depositors who submit their refund request online through the CRCS-Sahara Refund Portal will be the ones eligible to receive their refund.
Documents Required to Claim CRCS Sahara Refund?
To claim a refund on the CRCS Sahara Refund Portal, depositors need to submit the following documents:
- Deposit Certificate or Passbook: This document, from the respective Sahara Group cooperative society, is necessary to verify the deposited amount.
- Claim Request Form: Fill out and submit this form accurately on the CRCS Sahara Refund Portal to complete your claim request.
- PAN Card: A PAN card is required, especially if the claim amount is ₹50,000 or more, to help with verification and compliance.
- Aadhaar-linked Bank Account, Membership Number, and Aadhaar-linked Mobile Number: These details are mandatory to ensure secure and transparent processing of refunds.
How To Register For The CRCS Sahara Refund Portal
Step 1: Register as a Depositor
- Open the CRCS Sahara Refund Portal and select the option for “Depositor Registration.”
- Enter the last four digits of your Aadhar card and your Aadhar-linked mobile number.
- Click to receive an OTP, then type in the OTP sent to your mobile.
- Confirm the OTP to complete your registration.
Step 2: Log In as a Depositor
- Go back to the portal homepage and choose “Depositor Login.”
- Type in the last four digits of your Aadhar card and linked mobile number.
- Enter the OTP you receive on your phone.
- Click to verify the OTP and access your account.
How to claim the Sahara Refund Portal?
- Log in: On the “Depositor Login” screen, enter the last 4 digits of your Aadhar and linked mobile number. Complete the captcha and get an OTP to log in.
- Consent to Aadhar: Agree to the Aadhar consent terms.
- Verify Aadhar: Enter your 12-digit Aadhar number and get an OTP to confirm your details.
- Review Details: Check the displayed details. Optionally, link your email.
- Add Claim: Click “Add Claim” to enter claim details. Multiple claims can be added.
- Generate and Upload: Generate the claim form, attach a photo, sign it, and upload along with your PAN.
- Save Claim Number: A “Thank You” page will display your claim number. Note it for future reference.
How to Check Refunds Status?
If your refund is approved by the CRCS Sahara Refund Portal, you’ll get an SMS notification on the mobile number you provided during the application process. Keep in mind that you won’t be able to change your bank account details once the application is submitted.
After submitting your form, you can log in to the portal anytime to check the status of your refund. The refund process is expected to take around 45 days to complete.
More on Sahara
The Sahara Fraud case involves Sahara India Pariwar, led by Subrata Roy, accused of running unauthorized financial schemes that collected around ₹24,000 crores from millions of investors across India. In 2008, SEBI found that Sahara’s schemes violated securities laws, leading to a Supreme Court order requiring Sahara to refund investors through the Sahara Claims Refund System (CRCS). However, the refund process faces several challenges, including verifying investor details on a large scale, resolving issues in submitted documents, and managing the logistics of disbursing refunds to millions of people.