The Sahara group, a business conglomerate, was mired in financial embezzlement and under investigation by multiple agencies since 2008.
The group had raised ₹80,000 crore from 2.76 crore small-time investors across 26 States.
The Union government set up the Central Registrar of Cooperative Societies (CRCS) portal to facilitate refunds for small investors in Sahara companies, offering a maximum refund of ₹10,000 per investor.
The Ministry of Cooperation plans to return at least ₹10,000 to each investor from a ₹5,000-crore corpus.
The rest of the refund amount will be pursued through the Supreme Court.
The portal has been set up with multiple layers of checks to ensure transparency and prevent irregularities.
The initiative is aimed at helping small-time investors who have been affected by scams like this.
Investors had received promised returns until 2017-18, after which the returns stopped.
Sahara's founder, Mr. Roy, was arrested by the Enforcement Directorate (ED) in March 2014.
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