Supreme Court Asks Sahara Group “what is the source of this money?”


The Supreme Court asked the Sahara group on Friday to disclose the source from where it raised Rs 23,000 crore in 2013 to refund three crore investors who had parked their funds in Sahara Housing and Sahara Real Estate.

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The group’s statement, which came after the apex court asked the company to disclose the source of money to the tune of 25,000 crore that was arranged, said, “It is relevant to mention that Sahara operates from around 5,000 branches across the country and all the payments were made through those branches only.

The court told Kapil Sibal, who was representing Sahara, “We have no doubt about the capacity of your client (Sahara group) to distribute the money in cash to millions of investors across the country even when the Supreme Court and market regulator Sebi were after you. But you must show us the source from where you managed such huge cash.”

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