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Explore the scandal of Sahara's fraudulent empire and the confusion surrounding their missing funds. Learn about the controversial fundraise, legal battles with SEBI, and the mystery of Sahara's alleged 25,000 crore rupees. Discover the involvement in a sham with cooperative societies and the secrecy surrounding this issue.
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- SEBI questioned Sahara's claim of a private fundraise, arguing that the large number of investors classified it as a public issue, requiring regulatory compliance.
- The mystery of the unclaimed funds of Sahara raises doubts about the legitimacy of the 25,000 crore rupee fundraise, suggesting it may have been part of a ponzi scheme.
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Sahara's Massive Fundraise and SEBI's Investigation
In the podcast episode, the host discusses the story of Sahara's 25,000 crore rupee liability and SEBI's investigation into it. Sahara Prime City Limited, a group company of Sahara, had filed a draft red-hearing prospectus with SEBI, revealing that two other group companies, SIRECL and SHICL, had raised over 19,000 crores from investors through optionally fully convertible unsecured debentures. SEBI questioned why it wasn't informed about this massive fundraise, and Sahara claimed that it was a private fundraise meant for friends, workers, and other close individuals. However, SEBI argued that the large number of investors classified it as a public issue, requiring regulatory compliance.
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