Fact-checked by Grok 2 weeks ago

Subrata Roy


Subrata Roy (10 June 1948 – 14 November 2023) was an businessman who founded in 1978, transforming a modest operation backed by Rs 2,000 into a sprawling conglomerate with interests in , , , , and . Born in , , to a Hindu family, Roy built the group into one of India's largest private-sector employers by emphasizing grassroots mobilization and small-savings schemes targeted at rural and lower-income investors. Roy's empire included high-profile ventures such as the Aamby Valley luxury township, ownership of an IPL cricket team, and media outlets, earning him recognition as a self-made tycoon who scaled operations through innovative, albeit unregulated, financial instruments. However, the group's practices drew scrutiny for lacking transparency and regulatory oversight, culminating in the Sahara-SEBI case where two subsidiaries raised approximately Rs 24,000 through unlisted Optionally Fully Convertible Debentures (OFCDs) from over 30 million investors without proper disclosures or SEBI approval between 2008 and 2011. The ruled the fundraising illegal, ordering refunds with interest, and held Roy in contempt for non-compliance, leading to his and in from March 2014 until his in May 2016 after partial deposits. Roy's death from cardiorespiratory arrest followed prolonged health issues, leaving the Group's legacy marked by rapid expansion and legal entanglements, with undistributed investor funds still under SEBI custodianship exceeding Rs 25,000 crore as of late 2023.

Early Life

Family Background and Childhood

Subrata Roy was born on 10 June 1948 in , , into a Hindu family. His parents were Sudhir Chandra Roy, who worked at a sugar mill, and Chhabi Roy. The family hailed from an upper-middle-class background, with some accounts describing it as prosperous with roots in landownership. Roy's early childhood involved relocation from ; he spent time in Calcutta before his family moved to in due to his father's job. The family later settled in , where Roy grew up amid modest circumstances that reportedly included financial challenges despite the initial family standing. As a , he demonstrated intellectual sharpness, though specific anecdotes from this period remain limited in .

Education and Early Career

Subrata Roy attended Holy Child Institute in for his schooling. He later pursued at the Government Technical Institute in , where he obtained a . Following his education, initially intended to secure employment but instead embarked on entrepreneurial ventures in . He began by selling salted snacks door-to-door using a scooter, operating as a first-generation entrepreneur without familial backing. In 1978, at age 30, Roy founded Sahara Finance with an initial capital of ₹2,000, obtained through a meeting with local bankers; this operation in laid the foundation for the Sahara India conglomerate. The business initially focused on small-scale deposit collections, expanding gradually from its humble origins in .

Founding and Expansion of Sahara India

Inception and Initial Growth

Subrata Roy established in 1978 after acquiring control of a faltering operation known as Sahara Finance in , . The venture began modestly with ₹2,000 in seed capital, supported by a single , a , and Roy's use of his father's scooter for fieldwork. This initial setup focused on mobilizing small savings from rural and semi-urban depositors, who were drawn by promises of high returns in an era when formal banking access remained limited for low-income households. The core business model relied on chit fund mechanisms, pooling contributions from groups of subscribers for periodic auctions or distributions, which Roy adapted to emphasize steady payouts and accessibility. Facing regulatory scrutiny, including curbs on chit fund activities by around 1980, Roy transitioned the entity into an unincorporated body named Sahara India, enabling continued public fundraising via deposit-like schemes outside strict banking oversight. This shift sustained operations by leveraging informal networks and word-of-mouth trust, particularly among underserved communities in northern . Initial expansion accelerated in the early 1980s through branch proliferation in and adjacent states, fueled by reinvested depositor funds and a focus on high-yield incentives that outpaced traditional savings options. By attracting millions of small investors—often starting with contributions as low as ₹100— built a grassroots base, achieving operational scale without heavy reliance on institutional capital. This phase marked the transition from a local outfit to a burgeoning precursor, though its unregulated nature later drew questions about and .

Diversification into Key Sectors

Under Subrata Roy's direction, extended its operations from core —initially focused on chit funds and deposits—into and housing during the early 1990s, leveraging India's post-1991 to fund large-scale developments. In 1990, the group initiated the Sahara City project, a 170-acre initiative designed to offer options to middle-class investors through installment-based schemes. This marked the formation of specialized entities such as Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC), which drove expansion into residential complexes, commercial properties, and infrastructure projects across multiple n states. By the late , diversification accelerated into and , with Sahara establishing television channels like and ventures into film production and print to build brand visibility among its investor base. Concurrently, the group entered through acquisitions and developments, extending its expertise to include luxury properties and aiming for presence via strategic buys. These moves were financed primarily through deposits, enabling Sahara to construct integrated townships that combined with and recreational facilities. Further broadening occurred into aviation with the launch of in the mid-1990s, later rebranded and merged, alongside forays into sponsorships and infrastructure such as roads and power projects. expansions included global acquisitions to diversify beyond domestic markets, while ancillary sectors like and healthcare supported employee welfare and community outreach tied to core operations. This multi-sector strategy positioned Sahara as a reliant on retail investor funds, though it later drew regulatory scrutiny for opaque mechanisms in non-financial arms.

Scale and Employment Impact

Sahara India Pariwar grew into a diversified conglomerate with operations in , , and , hospitality, infrastructure, and consumer goods, maintaining a presence across urban and rural . By 2011, the group's fixed assets were valued at Rs 9,475 , reflecting expansion through internal accruals and public fund mobilization exceeding Rs 2.25 lakh over decades from small investors. This scale enabled investments in high-profile projects, including ventures like television and townships, while the group's facilitated widespread financial product distribution. Employment reached a peak of approximately 1.2 million workers by the mid-2000s, positioning Sahara as India's second-largest employer after the state-run Indian Railways, according to a 2004 Time magazine assessment. The workforce comprised direct employees and a extensive network of sales agents, many operating in smaller towns and villages, which supported fund collection from over 30 million investors by 2008. This footprint generated livelihoods for a diverse demographic, including low-skilled individuals in and administrative roles, fostering economic activity in underserved regions through Sahara's pyramid-like structure. However, figures encompassed both full-time and part-time agents, potentially inflating totals relative to traditional metrics. The model's reliance on commission-based incentives drove rapid scaling but exposed vulnerabilities during regulatory scrutiny, leading to reductions post-2012.

Philanthropy and Social Contributions

Humanitarian Initiatives

Sahara India Pariwar, under Subrata Roy's leadership, provided financial assistance to the families of 127 soldiers killed in the 1999 , an effort publicly commended by for supporting national defense-related humanitarian needs. The conglomerate extended similar aid to families impacted by the 2008 Mumbai terror attacks, focusing on immediate relief for victims' dependents amid national security crises. Through the Sahara Welfare Foundation, the group participated in India's drive starting in 1997, coordinating with government efforts to vaccinate over 200,000 children against in targeted campaigns across multiple years. This involvement aligned with broader initiatives, emphasizing mass to eradicate the disease in underserved areas. Additional humanitarian activities included financial support for families of individuals killed in accidents in select cities like and , administered via social welfare schemes to provide one-time payouts for dependents' immediate needs. Sahara also contributed to rehabilitation by aiding villages affected by natural calamities and offering vocational programs for underprivileged and disabled individuals, though specific scales and outcomes remain tied primarily to company-reported figures. These efforts, while documented in corporate records, have faced scrutiny in the context of the group's regulatory challenges, with independent verification limited to high-profile instances like aid.

Economic Empowerment Efforts

Sahara India Pariwar, led by Subrata Roy, initiated the Village Esteem Development Adoption by Sahara () project on June 10, 2013, committing to the full adoption of 1,000 villages across for sustainable . This program targeted approximately 4.5 rural households, with interventions in skill development, agricultural enhancement, provision of safe via purification plants, facilities, and improvements designed to promote economic self-reliance among village communities. Complementing VEDAS, Sahara's skill development initiatives under its CSR framework trained 625 youth in computer proficiency in and 1,175 adolescent girls and women in vocational trades such as , , mehendi application, and production by December 2018. These programs aimed to equip participants with marketable skills for local or entrepreneurship, particularly in underserved areas. Additionally, scholarships of ₹11,000 each were disbursed to 702 meritorious girls in from classes VI to XII, supporting educational continuity as a pathway to future economic opportunities. The Sahara Welfare Foundation, the social arm of , integrated these efforts into broader rural empowerment strategies, including employment linkages for ex-servicemen and their dependents, though independent verification of long-term economic impacts remains limited amid the group's regulatory challenges.

Legal and Regulatory Controversies

SEBI Investigation into OFCDs

The Securities and Exchange Board of India (SEBI) initiated its investigation into Optionally Fully Convertible Debentures (OFCDs) issued by Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL), subsidiaries of the group, following complaints received on December 25, 2009, and January 4, 2010, alleging illegal fundraising without regulatory approvals. These OFCDs, instruments convertible into or redeemable in , were launched in multiple series starting in 2008 for SHICL and 2009 for SIRECL, marketed through an extensive network of approximately 13,000 agents targeting small retail investors across . SEBI's probe determined that the issuances qualified as public offers under the , as they involved solicitation from more than 50 persons and reached millions of subscribers—estimated at over across the group—predominantly non-associate individuals with investments as low as Rs 5,000, contradicting Sahara's claim of private placements limited to group insiders. The regulator classified OFCDs as "securities" (specifically ) under Section 2(h) of the SCRA, subjecting them to oversight, and identified violations of the (including Sections 56, 67, 73, and 117A-C), SEBI's Disclosure and Protection Guidelines, and Issue of Capital and Disclosure Requirements Regulations, due to the absence of a prospectus, listing applications, trustee appointments, and mandatory disclosures for public issues exceeding Rs . Investigations revealed total collections of approximately Rs , with SIRECL and SHICL alone raising over Rs , often without proper verification or end-use transparency. On November 24, 2010, SEBI issued an interim order restraining SIRECL and SHICL from further mobilizing funds through OFCDs or related instruments pending inquiry. Following hearings, including those on June 6 and 8, 2011, where , the group's promoter and managing worker holding a 70% stake, participated, SEBI's final order on June 23, 2011, directed the refund of Rs 17,656.41 crore in principal (for two specific OFCD series) collected between 2008 and 2010, plus 15% per annum interest from April 29, 2011, within three months, with refunds verified by a . The order also impounded alleged unlawful gains of Rs 3,000 crore, barred the companies and their directors—including Roy—from accessing the securities market until compliance, and mandated public notices in national dailies for investor claims, emphasizing investor protection amid findings that 96% of allottees were unrelated to the group despite assertions otherwise. contested the order, arguing OFCDs were non-securities and placements were private, but SEBI rejected this, citing the scale and public advertisement via prospectuses filed under 60B of the Companies Act as evidence of broader solicitation.

Supreme Court Involvement and Imprisonment

The took up the Sahara-SEBI dispute on appeal in 2012, affirming SEBI's directive that Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited refund ₹17,400 in principal—raised from over 30 million small investors via optionally fully convertible debentures issued without regulatory approval—plus 15% annual interest, with the total liability escalating to approximately ₹24,000 by enforcement stages. The court initially set a three-month deadline for refunds on August 31, 2012, later extending it amid Sahara's claims of compliance through alternative mechanisms, but found the group's submissions unsubstantiated and ordered property attachments to enforce recovery. Subrata Roy, along with directors Ashok Roy Choudhary and Ravi Shankar Dubey, faced contempt charges for non-compliance and evading court appearances. On February 26, 2014, the issued a non-bailable against Roy after he failed to appear for hearings on the refund obligations. Roy surrendered on March 4, 2014, and was remanded to in for civil contempt, marking the first instance of a corporate executive's imprisonment in such a securities case; the court rejected interim pleas, emphasizing the need for verifiable refunds over humanitarian arguments. Roy's over two-year detention involved repeated judicial scrutiny, with the in 2015 granting 18 months to liquidate assets for refunds but denying release until substantial deposits, such as phased payments totaling thousands of s, were made. On May 6, 2016, following his mother's death, Roy received four-week on humanitarian grounds, extended multiple times conditional on deposits like ₹300 by August 2016, allowing him to remain outside custody while the petition lingered unresolved. The court directed asset sales, including properties worth billions, to facilitate recoveries, underscoring its view that 's opaque financial structures prioritized evasion over investor restitution.

Sahara's Defense and Resolution Attempts

Sahara India Pariwar maintained that the Optionally Fully Convertible Debentures (OFCDs) issued by its subsidiaries, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL), constituted s rather than public issues, thereby falling outside SEBI's regulatory jurisdiction under the SEBI Act, 1992. The group argued that the subscriptions, totaling approximately 24,029 from over 3 investors between 2008 and 2011, were directed exclusively to known retail investors through non-public channels, invoking exemptions under Section 67(3) of the , despite exceeding 50 subscribers per the private placement threshold. Sahara contended that these were legitimate instruments benefiting small investors in underserved areas, with no investor complaints received, and emphasized the group's history of direct, informal fundraising from loyal subscribers without prior regulatory violations. In response to the Supreme Court's August 31, 2012, directive upholding SEBI's June 23, 2011, refund order with 15% interest, Sahara deposited Rs 25,400 into a Supreme Court-monitored account by September 10, 2012, claiming this covered the principal plus interest for unrefunded portions. The group asserted it had already directly refunded over 90% of investors prior to the orders, providing affidavits and subscriber lists to substantiate claims of subscriber satisfaction and self-resolution, while disputing SEBI's authority to verify post-facto given the private nature of the placements. Sahara further proposed asset sales, including properties and stakes in ventures, to liquidate funds for remaining refunds, but these overtures faced rejection amid ongoing verification disputes. Verification efforts faltered due to Sahara's submission of voluminous data—spanning 127,000 pages for 3.3 alleged subscribers—which the scrutinized via an appointed committee under former , revealing discrepancies such as duplicate entries, unverifiable addresses, and unsubstantiated claims. Sahara defended the data's integrity, attributing issues to manual record-keeping for rural investors and reiterating direct refund proofs via bank records and certificates, while challenging SEBI's refund portal as inadequate for mass verification. Post Subrata Roy's March 4, 2014, imprisonment for contempt—stemming from non-compliance with asset disclosure and personal appearance—Sahara intensified resolution bids, including personal sureties and additional deposits totaling over Rs 5,000 by 2016, leading to Roy's in February 2016 and eventual bail. These steps culminated in partial SEBI disbursals starting 2017, though Sahara continued advocating for accelerated releases from the account, claiming persistent investor hardships.

Personal Life and Public Persona

Family and Personal Relationships

Subrata Roy was married to Swapna Roy, whom he met through a mutual friend during his early business struggles. The couple courted for seven years before their marriage, at a time when Roy faced financial difficulties in establishing Sahara India. Swapna supported his ventures by mortgaging her jewelry to fund operations, reflecting a partnership rooted in shared adversity. Within Sahara India Pariwar, Swapna held the role of Deputy Managing Worker for personnel and welfare, indicating her involvement in family-managed aspects of the conglomerate. The couple had two sons, Sushanto Roy and Seemanto Roy. Sushanto Roy served as an in , maintaining close ties to the family business. In , the family hosted extravagant joint weddings for the sons—Sushanto to Richa Ahuja and Seemanto to an unspecified partner—with celebrations estimated to cost over £50 million (approximately ₹550 crore at contemporary exchange rates), attended by Bollywood celebrities and held across multiple venues. Swapna Roy and son Sushanto Roy renounced Indian citizenship in favor of Macedonian citizenship around 2014, a move reportedly linked to activities, though details remain limited. Roy described his family dynamics in a 2023 interview as modest in personal wealth accumulation, claiming combined assets with his wife and children did not exceed ₹10-12 over decades, despite the group's scale. No indicate additional children or significant extramarital relationships.

Lifestyle and Self-Presentation

Subrata Roy epitomized an extravagant lifestyle, owning a fleet of private jets and helicopters alongside luxury vehicles such as Rolls-Royces, Bentleys, and BMWs. His residences featured opulent designs, including mansions modeled after the and , and the 270-acre Sahara Shaher estate in , constructed in a Scottish resort style complete with facilities for grand events. These assets underscored his transformation from modest origins to commanding a valued at over Rs 2.5 lakh crore in assets. In self-presentation, Roy favored a distinctive style, frequently appearing in a trademark white shirt with a black half-waistcoat, projecting an image of poised authority. Portrayed as a dapper tycoon, he fostered ties with Bollywood luminaries like and through statement gifts, private jet travel, and financial support, such as aiding Boney Kapoor's debts and Manisha Koirala's medical treatment. He hosted extravagant gatherings, notably his sons' weddings attended by over 10,000 guests—including —and requiring chartered flights, blending elite access with displays of Sahara's reach. Roy styled himself as the "chief managing worker" and guardian of the "parivar," earning the title "Saharashri" from loyal employees, which reinforced his public persona as a paternalistic leader connecting grassroots investors to . This image, openly intertwined with political affiliations like those with the , highlighted his unreserved embrace of influence and ostentation.

Later Years and Death

Post-Release Challenges

Following his release on parole from Tihar Jail on May 6, 2016, Subrata Roy faced intensified pressure to fulfill Supreme Court-mandated repayments to investors defrauded through Sahara India's illegally issued Optionally Fully Convertible Debentures (OFCDs), with principal dues initially pegged at over ₹24,000 crore but escalating due to accrued interest. The court repeatedly directed incremental deposits, such as ₹600 crore by February 6, 2017, and extended parole contingent on compliance, including a ₹352 crore payment in September 2016, amid Sahara's submissions of a 24-month repayment roadmap involving asset liquidation. However, Sahara contested the mounting figures—reaching ₹62,600 crore by 2020—as inflated and unfeasible, claiming partial settlements while facing SEBI petitions to revoke parole or enforce immediate payment to avert further evasion. Legal battles persisted through asset recovery efforts, with the appointing committees to oversee sales of Sahara properties, including contentious auctions of high-value holdings like the Aamby Valley township, which opposed as undervalued and rushed, complicating revenue generation for refunds. In January 2020, Roy appeared before the court asserting that most dues had been cleared via prior deposits totaling around ₹15,000 , yet regulators and the court deemed shortfalls critical, sustaining proceedings and restricting operational freedom. Additional probes compounded difficulties; the filed charges against in November 2017, alleging diversion of public funds, while state-level investigations, such as a 2025 case for embezzling ₹72.82 from land sales, highlighted non-compliance with court directives from 2012 onward. These constraints severely hampered Sahara's business revival, with regulatory oversight curtailing , license cancellations (e.g., mutual funds in 2015), and deterring partnerships, forcing reliance on internal asset disposals amid disputes over their status and proceeds allocation to SEBI's refund account. maintained a subdued public presence, focusing on compliance negotiations, but the group's inability to fully liquidate unencumbered assets—estimated insufficient against demands—prolonged uncertainty for millions of small investors awaiting refunds, underscoring systemic challenges in enforcing accountability for opaque financial schemes.

Illness and Passing

Subrata Roy was admitted to & Medical Research Institute in on November 12, 2023, amid a decline in his health from ongoing medical conditions. He died on November 14, 2023, at the age of 75, from cardiorespiratory arrest precipitated by complications arising from metastatic malignancy, hypertension, and diabetes, conditions he had battled for an extended period. Sahara India Pariwar issued a statement confirming the prolonged nature of his illnesses and the immediate cause of death.

Legacy and Assessments

Awards and Honors

Subrata Roy received multiple awards from business and media organizations, primarily recognizing his role in expanding the conglomerate. In 1986, he was honored with the Noble Citizen Award for early contributions to employment generation. This was followed by the Baba-E-Rozgar Award in 1992, acknowledging Sahara's job creation efforts in rural areas; the Udyamshree Award in 1994 for entrepreneurial initiatives; and the Karmaveer Samman in 1995 for social service impacts. In 2002, Roy earned the Businessman of the Year Award and the Best Industrialist Award from industry bodies, highlighting Sahara's growth in and sectors. The Global Leadership Award came in 2004 from an international forum, citing his expansion of Sahara's operations. By 2010, he received the Vishisht Rashtriya Udaan Samman, a national business excellence honor presented by a leading daily newspaper. Roy also gained recognition in media and academia. He was presented a general jury award by the Indian Television Academy for Sahara's contributions to broadcasting via channels like . In 2013, the conferred an honorary doctorate in business leadership on him, and he received the Business Icon of the Year award at the CNBC-TV18 event. Additional accolades included the Lakshya-2010 Business Visionary Award for strategic foresight. These honors, often from private or industry-sponsored events, preceded Sahara's major regulatory challenges but reflected perceptions of Roy's influence in India's prior to 2011.

Achievements and Positive Impacts

Subrata Roy established in 1978 as a small deposit venture in , , which expanded into a with operations in , , , , and , achieving an asset base exceeding ₹1.5 lakh crore by the 2010s. The group's growth model focused on pooling micro-deposits from millions of small savers, particularly in rural and underserved areas, thereby providing an alternative to formal banking for low-income households lacking access to institutional credit. By 2004, had become India's second-largest private employer after , sustaining a of over 1.2 million individuals across its of agents and operations, contributing significantly to job creation in non-urban regions. This scale supported economic activity in backward areas, where the company's para-banking and sales model relied on grassroots-level mobilization, fostering indirect livelihoods through distributor networks. Through the Sahara Welfare Foundation, Roy's initiatives funded social programs in education, healthcare, and sports sponsorships, including backing the Indian national team and various projects aimed at uplifting marginalized groups. Roy personally received accolades such as the Businessman of the Year Award in 2002, the Best Industrialist Award in 2002, and an honorary doctorate in business leadership from the in 2013, recognizing his role in scaling a first-generation enterprise from modest origins.

Criticisms and Ongoing Debates

Subrata Roy and the faced substantial criticism for allegedly raising approximately ₹24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from over 30 million investors, primarily small, unsubscribed retail investors from rural and low-income segments, without obtaining necessary approvals from the Securities and Exchange Board of India (SEBI). SEBI's 2010 investigation concluded that Sahara entities violated regulations by issuing these securities to the public exceeding statutory thresholds under Section 67 of the , leading to a order in 2012 mandating refunds with 15% interest. Critics, including former SEBI officials, argued this constituted a form of corporate akin to scams, exploiting trust in unregulated instruments promising high returns while lacking transparency on fund utilization. Roy's personal conduct drew scrutiny for cultivating a cult-like corporate culture, styling himself as "Sahara Shree" and positioning the group as a familial "parivar" under his guardianship, which detractors claimed masked opaque financial practices and diverted funds toward lavish expansions like and media ventures rather than protection. His 2014 arrest and imprisonment for —stemming from non-appearance and failure to deposit required funds—highlighted allegations of evading accountability, with reports estimating billions in unverified assets amid complaints of delayed or denied redemptions. 's post-facto defenses, including claims of legitimate private placements, were dismissed by courts as non-compliant, fueling accusations of regulatory in India's nascent financial oversight framework. Debates persist over whether the saga represents deliberate malfeasance or an overzealous regulatory response to aggressive fundraising in underserved markets. Proponents of Roy's innocence, including some investor advocates, contend SEBI's scrutiny intensified only after Sahara sought public listing approvals, suggesting the issuances were initially overlooked as intra-group or private, and that refunds could have been managed internally without judicial intervention. Conversely, skeptics point to the group's resistance in verifying subscriber identities and the Court's repeated directives for asset as evidence of systemic concealment. Post-Roy's death, discussions center on the unresolved ₹25,000 crore-plus in SEBI-held funds, with over 88 properties slated for auction—including a recent 2025 plea to sell to the —yet administrative hurdles delaying full investor restitution. probes into at Sahara's headquarters continue unabated, underscoring enduring questions about the group's structural opacity despite Roy's absence. Sahara's legal challenges against media depictions, such as the 2024 "Scam 2010" series, reflect ongoing contention over narrative framing, with the group decrying them as defamatory while critics view such resistance as deflection from accountability. These elements contribute to a polarized assessment: innovative mobilization of grassroots versus a of unchecked ambition eroding public trust in financial institutions.

Presence in Popular Culture

Sahara India Pariwar, under Subrata Roy's leadership, entered the entertainment industry through Sahara One Motion Pictures, which produced and distributed several Bollywood films in the 2000s, including Wanted (2009) starring Salman Khan and Malamaal Weekly (2006). This venture positioned Roy as a financier influential among filmmakers, with Bollywood figures frequently attending his events and relying on Sahara for funding amid the industry's cash flow needs. Roy's life and the Sahara Group's controversies have inspired journalistic accounts and true-crime narratives, notably the 2014 book Sahara: The Untold Story by Tamal Bandyopadhyay, which details the conglomerate's operations and regulatory clashes. In 2024, announced 2010: The Subrata Roy Saga, a series in the Scam anthology franchise directed by and based on Bandyopadhyay's , portraying Roy's from humble to facing legal battles over funds. condemned the project as defamatory, arguing the "scam" label misrepresents events and threatens legal action to protect Roy's legacy. Roy's persona, marked by self-styled titles like "Saharasri" and a cult-like following among employees and investors, has been referenced in media discussions of ambition and financial overreach, often framing his story as emblematic of India's unregulated growth eras, though without direct satirical portrayals in sketches or memes identified in mainstream sources. Posthumously, his narrative continues to evoke comparisons to rags-to-riches archetypes in Indian business lore, with outlets describing it as "the stuff of movies."

References

  1. [1]
    From Lambretta to Aamby Valley Project: The rise and fall of Subrata ...
    Nov 15, 2023 · Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's ...
  2. [2]
    Sahara Group founder Subrata Roy passes away | 5 things to know ...
    Nov 14, 2023 · Subrata Roy, the founder of Sahara Group, passed away in Mumbai on Tuesday night at the age of 74 after battling a prolonged illness.
  3. [3]
    Subrata Roy: The chequered legacy of India's 'rags-to-riches' tycoon
    Nov 14, 2023 · Roy was the founder of Sahara Group - a multibillion-dollar conglomerate with businesses ranging from finance, housing, media, manufacturing, ...Missing: key | Show results with:key
  4. [4]
    Reasons to remember Subrata Roy, Sahara group founder
    Nov 19, 2023 · Starting off with a chit fund in a small town in Uttar Pradesh, he built a huge diversified empire, the Sahara group, with interests in finance, ...<|separator|>
  5. [5]
    From Lambretta to aeroplanes to Tihar: The incredible life of Subrata ...
    Nov 15, 2023 · Apart from starting a newspaper and TV channels, he started Aamby Valley City project, a luxury housing scheme, between Pune and Mumbai in 1990s ...
  6. [6]
    The Sahara scam | Business History
    Nov 21, 2023 · Subrata Roy disagreed with SEBI's authority and gave reasons for not asking for permission. Before selling the bonds, he said that he had ...
  7. [7]
    Subrata Roy dies: Undistributed funds worth Rs 25000 crore with ...
    Nov 15, 2023 · As a result, Sahara was asked to deposit an estimated Rs 24,000 crore with Sebi for further investor refunds, despite the group asserting it had ...
  8. [8]
    Sahara Group founder Subrata Roy dies at the age of 75 - WION
    Nov 15, 2023 · In its official press statement, Sahara India Pariwar said that Roy passed away on November 14 at 10:30 pm due to cardiorespiratory arrest. The ...
  9. [9]
    Subrata Roy's Life: Founded Sahara At 30 With Rs. 2000, Guinness ...
    Nov 15, 2023 · Subrata Roy's Life: Founded Sahara At 30 With Rs. 2000, Guinness World Records, Rs 1000 Cr Net Worth. The founder of Sahara India Pariwar, ...
  10. [10]
    Subrata Roy Biography - Business in India
    Rating 5.0 · Review by Business.MOISep 24, 2025 · Subrata Roy Sahara is an Indian businessman who was born on 10 June 1948 at Araria (40 km. north to Poornia, Bihar). He is the chairman and ...
  11. [11]
    Subrata Roy: The man who built an empire – until it fell apart
    Nov 15, 2023 · Born in Bihar's Araria district, Roy spent his childhood in Calcutta before his father's job at a sugar mill in UP's Deoria district got the ...Missing: background | Show results with:background
  12. [12]
    When He Mortgaged Wife, Swapna Roy's Jewellery For His Business
    Nov 15, 2023 · TRENDING NOW. Subrata Roy was born on June 10, 1948, to Chhavi and Sudhir Chandra Roy in Araria, Bihar. After shifting to Gorakhpur, Roy lived ...Missing: birthplace date
  13. [13]
    Subrata Roy: Story of rags-to-riches and eventual fall
    Nov 19, 2023 · Born in 1948 in Bihar, Roy's early life was full of ups and downs. Even though he was born into a well-to-do family, things took a turn after ...Missing: siblings birthplace date
  14. [14]
    Subrata Roy Facts for Kids
    Jun 15, 2025 · Subrata Roy was born in Araria, India, on June 10, 1948. His family was Bengali Hindu. His parents, Sudhir Chandra Roy and Chhabi Roy, came from ...Missing: biography | Show results with:biography
  15. [15]
    Subrata Roy: Flamboyant honcho who was open about his political ...
    Nov 16, 2023 · Subrata Roy, the founder of Sahara Group, was known for his luxury lifestyle and political connections. His Scottish resort-like home in ...
  16. [16]
    Subrata Roy Sahara - The incredible man behind Sahara | Journal
    Subrata Roy Sahara, a businessman and industrialist is the Chairman and Managing Worker of Sahara India Pariwar. Subrata Roy was the founder of Sahara, in 1978.Missing: biography key facts
  17. [17]
    The Life and Times of Saharasri Subrata Roy
    Nov 15, 2023 · In 1978, a providential meeting with a group of bankers gave Subrata the seed capital of Rs 2000 to start Sahara Finance in Gorakhpur. The first ...Missing: education | Show results with:education<|separator|>
  18. [18]
    The Great Gambler of Borrowed Capital - TheBizdom
    Nov 28, 2020 · Flashback 1978. A 30-year-old Subrata Roy (SR) set up Sahara in 1978 with a capital of 2,000, a peon and a clerk, and his father's Lambretta ...The Back Story · Richest Indian · Enter Sebi
  19. [19]
    Subrata Roy's unregulated finance empire, ETBFSI - BFSI News
    Nov 17, 2023 · In 1978, Subrato Roy started Sahara Finance, which allowed people to make small investments. The product became very attractive for those at ...
  20. [20]
    Sahara: Beginning of the endgame? - Mint
    Mar 28, 2013 · When they were banned in 1980, he set up an un-incorporated body—Sahara India—to raise money from the public, but the amendment in the Banking ...<|control11|><|separator|>
  21. [21]
    The Sahara Fraud Case: A Deep Dive into Billion-Dollar Scam
    Feb 11, 2025 · Sahara India Pariwar was founded by Subrata Roy in 1978 and was considered India's one of the biggest financial empires ... Started as a chit-fund ...
  22. [22]
    The Sahara Scam: The Rise and Fall of Subrata Roy - ISFM
    Jan 8, 2025 · The Sahara-SEBI dispute, also known as the Sahara Chit Fund Scam, is infamous for its scale and the extensive fraudulent practices that took place.Missing: facts | Show results with:facts
  23. [23]
    The Rise and Fall of Sahara Pariwar - New Delhi Times
    Aug 2, 2014 · He launched his Sahara City project covering 170 acres in 1990. His business interest soon diversified and he was seen dabbling in media ...
  24. [24]
    Triumphs Amidst Turmoil: The Turbulent Timeline Of Subrata Roy's ...
    Nov 15, 2023 · Subrata Roy's journey witnessed Sahara Group being featured in Time Magazine, along with ventures into diverse realms, including owning cricket teams and ...
  25. [25]
    Case Study 13 – Sahara Group's Downfall: A Fixed Mindset, Ethical ...
    Sep 19, 2024 · Founding and Early Expansion​​ Sahara India Pariwar began its journey in 1978 when Subrata Roy founded a small finance company in Lucknow. The ...
  26. [26]
    Saharashri Subrata Roy, the founder of Sahara group, breathes his ...
    Nov 14, 2023 · The group expanded its operations into various sectors such as real estate, media and entertainment, hospitality, aviation, etc making it one ...Missing: key | Show results with:key
  27. [27]
    Rs 225,000 crore: Money Sahara has raised from public - Rediff
    Dec 12, 2012 · In the 2011 statement, the group said, "Sahara India Pariwar is ... The value of fixed assets grew over 50 per cent to Rs 9,475 crore ...
  28. [28]
    The meteoric rise and fall of Subrata Roy - India Today
    Nov 15, 2023 · In 2004, the Sahara India family was named by TIME magazine as the second-largest employer in India, after the Indian Railways, with a 1.2 ...
  29. [29]
    Hotel industry's envy Sahara Group in $5 billion trouble at ... - Skift
    But in reality it's facing a $5 billion nightmare in India. In 2008, the company raised over $4.8 billion from about 30 million small investors ...
  30. [30]
    None
    Nothing is retrieved...<|separator|>
  31. [31]
    Social Initiatives - Sahara India Pariwar
    Sahara Welfare Foundation has been participating in the Nation's Flagship Program-Pulse Polio Immunization since 1997. Over 2 lakh children have been vaccinated ...
  32. [32]
    [PDF] artwork (p 15-16, CM &amp - - Sahara Housing Finance -
    Pulse Polio Programme. Since 1997 Sahara Welfare Foundation (SWF) has been participating a Pulse Polio immunization programme in co-ordination with the.Missing: campaign | Show results with:campaign
  33. [33]
    Sahara India Pariwar Extends Financial Assistance Through Social ...
    Sep 23, 2011 · British PM extends invitation to Subrata Roy Sahara to be his special guest at Olympics inaugural ceremony, Sahara plans to build an Indian ...
  34. [34]
    Sahara Group | PDF | Blood Donation | Welfare - Scribd
    Pulse Polio Programme. Since 1997 Sahara Welfare Foundation has been participating in Pulse Polio immunization programme in coordination with the National ...
  35. [35]
    Sahara flags off prog to adopt 1,000 villages - Times of India
    Under the programme, Sahara is fully adopting 1000 villages for sustainable overall development. The project aims to cover 4.5 lakh rural households, touching ...
  36. [36]
    Sahara India flags off '1000 village adoption project' - Millennium Post
    Jun 11, 2013 · Sahara India Pariwar, a major business conglomerate of India, on Monday flagged off VEDAS, its 1000 village full adoption programme.
  37. [37]
    Sahara India to adopt 1000 villages for all round development
    Jun 10, 2013 · Under the VEDAS project, the adopted villages will be provided water purification plants for safe drinking water which would be distributed ...Missing: details | Show results with:details
  38. [38]
    Sahara Scam – Full Story Explained - The South Asian Insider
    During that exact period, SEBI received complaints on 25th December 2009 and 4th January 2010 that SIRECL and SHICL are issuing Optionally Fully Convertible ...
  39. [39]
    [PDF] SECURITIES AND EXCHANGE BOARD OF INDIA ORDER - SEBI
    A. The two Companies have made 'private placements' of Optionally Fully. Convertible Debentures (OFCDs) to persons related or associated with the Sahara India ...
  40. [40]
    Sahara OFCD Issuance: SEBI Imposes Rs12 Crore Penalty on 2 ...
    Jun 28, 2022 · As on 31 March 2021, SEBI had recovered Rs15,473 crore out of Rs23,000 crore from SHICL and SIRECL, respectively, the order further stated. The ...Missing: details | Show results with:details
  41. [41]
    Timeline of the Sebi-Sahara case - Moneycontrol
    Feb 26, 2014 · March 2013: Sahara approaches special appellate tribunal against Sebi move to attach properties. Sebi seeks arrest of Roy. Sebi also says most ...
  42. [42]
    Developments in the sahara case after the supreme court judgement
    On 31 August 2012, the Hon'ble Supreme Court of India (Supreme Court) ordered the Saharas to refund approximately INR 174 billion along with an interest of 15 ...
  43. [43]
    SC asks Sahara group to refund Rs17,400 crore to investors in three ...
    In a big blow to Subrata Roy-led Sahara group, the Supreme Court on Friday asked the group to refund Rs17,400 crore collected from investors within three ...
  44. [44]
    Sahara chief Subrata Roy to be punished for contempt: SEBI to SC
    Jul 30, 2013 · Dattar sought maximum punishment for Roy and others under Section 12 of Contempt of Court Act which provides maximum punishment of six months ...Missing: involvement | Show results with:involvement
  45. [45]
    Subrata Roy's encounter with Supreme Court: From Tihar jail to ...
    Nov 16, 2023 · On February 26 2014, the Supreme Court issued a non-bailable arrest warrant to Roy for contempt of court; he was arrested on March 4 and lodged ...
  46. [46]
    The full timeline of Subrata Roy's eventful—and frustrating—year in ...
    Mar. 23, 2015: India's apex court gives another three months to Sahara to sell of its properties and raise the money needed to secure Roy's bail. The court ...
  47. [47]
    Non-payment of Rs 1500 crore will land Subrata Roy in jail
    Apr 27, 2017 · Roy was sent to the Tihar Jail on March 4, 2014 for not complying with the apex court's orders in connection with a long dispute with SEBI.Missing: involvement | Show results with:involvement
  48. [48]
    Sahara chief Subrata Roy to stay in jail, says Supreme Court - NDTV
    Mar 7, 2014 · Subrata Roy, the 65-year-old head of the Sahara conglomerate, will remain in Delhi's Tihar Jail, where he was placed on Tuesday night, ...<|control11|><|separator|>
  49. [49]
    Subrata Roy to stay in jail as Supreme Court gives Sahara 18 ...
    Jun 20, 2015 · Subrata Roy to stay in jail as Supreme Court gives Sahara 18 months to pay back its depositors · This is a premium content. Available exclusively ...Missing: arrest | Show results with:arrest
  50. [50]
    Sahara chief Subrata Roy leaves Tihar for four weeks to attend ...
    May 6, 2016 · “Both Subrata Roy and Ashok Roy Choudhary were released around 8.45 pm from the jail number 1 of Tihar where they had been lodged since March 4 ...
  51. [51]
    SC extends Subrata Roy's parole till September 16 after receiving ...
    Aug 3, 2016 · The Supreme Court (SC) has extended the parole of Sahara chief Subrata Roy till September 16, 2016 after it deposited Rs 306 crore on Wednesday.
  52. [52]
    Supreme Court orders sale of Sahara properties to recover dues of ...
    Mar 29, 2016 · Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small ...<|separator|>
  53. [53]
    Sahara vs SEBI - LawBhoomi
    Sep 12, 2023 · This legal battle spanned five gruelling years, pitting the Sahara Group against the regulatory authority of the Securities and Exchange Board of India (SEBI).
  54. [54]
    Sahara India vs SEBI : A Deep Study in Financial Compliance
    Dec 17, 2023 · The Sahara Group led by Subrata Roy was engaged in complex web of financial irregularities, wherein Subrata Roy was ordered to return 24000 ...
  55. [55]
    Sahara vs. SEBI-An In-Depth Analysis Of The Landmark Supreme ...
    Oct 31, 2012 · The Supreme Court observed as the companies elicited public demand for the OFCDs through issue of Information Memorandum under Section 60B of ...
  56. [56]
    India's Supreme Court orders Sahara to refund investors $3bn - BBC
    Aug 31, 2012 · India's Supreme Court has ordered the Sahara business group to refund more than $3bn to investors for failing to comply with financial regulations.Missing: defense disputes
  57. [57]
    Sahara Refunds: Did the SC Want SEBI To Sit on Rs15,448.67 ...
    Jun 23, 2021 · The Supreme Court of India (SC) handed down a historic verdict asking two Sahara companies to refund over Rs20,000 crore to investors that was illegally raised.
  58. [58]
    Supreme Court slams Subrata Roy, accuses him of lying at every ...
    Mar 5, 2014 · NEW DELHI: The Supreme Court on Tuesday rejected Sahara group chief Subrata Roy's proposal to pay Rs 22,500 crore through sale of assets and ...Missing: disputes | Show results with:disputes
  59. [59]
    [PDF] The Cost of Oversight: Examining Regulatory Challenges in SEBI's ...
    Complicating SEBI'S efforts to protect investors and refund their money was the fact that Sahara did not faithfully provide such data. In its 2012 order to ...<|control11|><|separator|>
  60. [60]
    Why SEBI is not returning the money to the investors of Sahara Group?
    Mar 23, 2017 · In 2011, Sebi raised an issue about Sahara India's procedure of raising funds, saying it violated public issue norms. In August 2012, the ...What is going on with the SEBI and Subrata Roy-Sahara ... - QuoraWhy couldn't Sahara bribe people at SEBI and get out of the muddle?More results from www.quora.comMissing: controversy resolve
  61. [61]
    Supreme Court sends Sahara chief Subrata Roy, two other directors ...
    Mar 5, 2014 · Both judges eventually rejected Sahara's refund theory as “absolutely false” and passed the order remanding Roy and the other two directors to ...Missing: verification | Show results with:verification
  62. [62]
    Sebi's refund to Sahara investors reach Rs 138 crore since 2012
    Nov 2, 2022 · This amount stood at Rs 23,191 crore and Rs 21,770.70 crore as of March 31, 2021 and March 31, 2020 respectively. Sebi had ordered Sahara India ...Missing: assets | Show results with:assets
  63. [63]
    Subrata Roy: The rise and fall of the founder of Sahara India Parivar
    Nov 15, 2023 · The group has been involved in businesses such as finance, real estate, media and entertainment, hospitality, retail, and more. Sahara has been ...
  64. [64]
    The bill for nuptials of tycoon's sons: a cool £50m - The Guardian
    Feb 12, 2004 · A six-day celebration estimated to cost more than £50m, started this week for the nuptials of two sons of one of India's wealthiest men.Missing: personal | Show results with:personal
  65. [65]
    Sushanto Roy, the son of Sahara Chief Subrata Roy, got married to ...
    Apr 13, 2013 · Sushanto Roy, the son of Sahara Chief Subrata Roy, got married to Richa, the daughter of Lucknow-based Aamesh Ahuja. Four days later, Saharasri ...
  66. [66]
    Sahara Group founder dies: Subrata Roy's wife, son are not Indian ...
    Nov 15, 2023 · However, Very few people know that Subrata Roy's wife Swapna Roy and son Sushanto Roy had given up Indian citizenship and taken citizenship of ...Missing: personal life
  67. [67]
    A Son of Indian Billionaire 'Resides' in a Modest Post-Communist ...
    Oct 30, 2017 · In 2014, independent journalists revealed that several members of Subrata Roy's family, including his spouse Swapna and two sons, Sushanto and ...Missing: children | Show results with:children
  68. [68]
    Subrata Roy: 'I don't think I will die so fast' - Rediff
    Nov 16, 2023 · My personal wealth -- including that of my wife, four sons and daughters -- will not be more than Rs 10 crore to Rs 12 crore in 34 years. As ...
  69. [69]
    Sahara chief Subrata Roy faces ink attack - The Indian Express
    Mar 5, 2014 · It was drama to the hilt outside Supreme Court today when Sahara chief Subrata Roy came here in his trademark white shirt and black half-waist coat, but saw ...
  70. [70]
    Subrata Roy: The dapper tycoon who enamoured film folk
    Nov 15, 2023 · The film folk, gravitating naturally to wealth and power, were briefly so enamoured of the dapper tycoon, known for his statement gifts, ...
  71. [71]
    SC asks Sahara to pay Rs. 600 crore by Feb. 6 - The Hindu
    Nov 28, 2016 · The Supreme Court on Monday directed Sahara Group chief Subrata Roy to deposit Rs. 600 crore by February 6, 2017 into the SEBI-Sahara refund ...
  72. [72]
    Subrata Roy: Deposit Rs 600 crore or surrender, Supreme Court to ...
    Nov 28, 2016 · NEW DELHI: The Supreme Court on Monday asked Sahara Group chief Subrata Roy to deposit Rs 600 crore more by February 6 next year in the SEBI- ...
  73. [73]
    Supreme Court extends Subrata Roy's parole after Sahara deposits ...
    Sep 16, 2016 · The Supreme Court of India on Friday extended Sahara Chief Subrata Roy's parole after the deposition of Rs 352 crore with SEBI.
  74. [74]
    Sahara submits to SC plan to repay dues - Business Standard
    Oct 22, 2016 · The Sahara group has submitted a 24-month road map before the Supreme Court for payment of dues to market regulator the Securities and ...<|separator|>
  75. [75]
    SEBI wants Subrata Roy to pay Rs 62,600 cr dues immediately, sent ...
    Nov 20, 2020 · SEBI wants Subrata Roy to pay Rs 62,600 cr dues immediately, sent back to jail if he fails · The Sahara group said it's a 'wrong demand' as Sebi ...
  76. [76]
    India Tycoon Asked to Pay $8.4 Billion to Stay Out of Jail - Bloomberg
    Nov 19, 2020 · Indian court directed Sahara group to pay $3.5 billion in 2012; Roy is out on parole in the case for failing to repay dues.
  77. [77]
    Sahara chairman Subrata Roy appears in SC, says has paid most of ...
    Jan 25, 2020 · Sahara chairman Subrata Roy on Friday claimed in the Supreme Court that he had cleared most of the dues demanded by the market regulator to pay public ...
  78. [78]
    Case registered against Sahara Group chief Subrata Roy, family for ...
    Jul 26, 2025 · Case registered against Sahara Group chief Subrata Roy, family for embezzling Rs 72.82 crore from MP land sales. The probe also allegedly found ...
  79. [79]
    DH Deciphers | How Subrata Roy's death will affect Sahara investors?
    Nov 19, 2023 · Legal troubles for Subrata Roy started in 2010 when SEBI flagged irregularities in his group entities and restrained him from raising money from ...
  80. [80]
    Sahara: Ghost, Duped Investors & Regulatory Failure - Moneylife
    Nov 21, 2023 · SEBI had asked the Sahara group to deposit over Rs25,781 crore which it had illegally raised. Sahara deposited Rs15,506.81 crore.
  81. [81]
    Supreme Court asks Sahara Group for details on current executives ...
    Sep 4, 2024 · Sahara Group must disclose details about executives and unencumbered properties to raise ₹10,000 crore for investor refunds, as ordered by the ...
  82. [82]
    Explained: Sahara Group founder Subrata Roy, 75, dies from long ...
    Nov 14, 2023 · Subrata Roy, the founder of Sahara India Pariwar, passed away on November 14 after battling prolonged illnesses. He was 75 when he breathed his last.
  83. [83]
    Sahara Group Founders Death: Tributes Pour In, Subrata Roy Was ...
    Nov 15, 2023 · According to reports, Subrata Roy was 75 at the time of his death and he was suffering from extended illnesses. On November 12, he was ...
  84. [84]
    Sahara Group Founder Subrata Roy Dies At 75 After Long Illness
    Nov 14, 2023 · Subrata Roy is survived by wife Swapna Roy and two sons, Sushanto Roy and Seemanto Roy, who live abroad. Born in Bihar's Araria in 1948, Subrata ...Missing: siblings birthplace
  85. [85]
    Sahara Group founder Subrata Roy dies at 75 after prolonged illness
    Nov 15, 2023 · Roy died due to a cardiorespiratory arrest after an extended battle with complications arising from metastatic malignancy, hypertension and ...Missing: cause | Show results with:cause
  86. [86]
    India's Sahara conglomerate chief Subrata Roy dies - Reuters
    Nov 14, 2023 · Roy was admitted to a hospital in Mumbai on Sunday and died following complications arising from metastatic malignancy, hypertension and ...
  87. [87]
    Sahara Group founder Subrata Roy dies after prolonged illness - Mint
    Nov 15, 2023 · Sahara Group founder Subrata Roy died due to a cardiorespiratory arrest at a private hospital in Mumbai on Tuesday after a prolonged illness.Missing: cause | Show results with:cause
  88. [88]
    Sahara Founder Subrata Roy Passes Away At 75 In Mumbai
    Nov 15, 2023 · Roy's passing marks the end of an era that started with him joining Sahara Finance, a struggling chit fund company in Gorakhpur, in 1976 before ...Missing: inception initial<|separator|>
  89. [89]
    Subrata Roy Sahara: The Incredible Journey of Sahara's Chief
    Subrata Roy Sahara is the proud recipient of Karmaveer Samman (1995), Udyamshree (1994), Baba-ERozgar (1992), and Noble Citizen Award (1986). Subrata Roy has ...
  90. [90]
    https://bollywoodshaadis.com/articles/subrata-roy-love-story-22840
  91. [91]
    https://www.khanglobalstudies.com/blog/subrata-roy/
  92. [92]
    Founder Of Sahara Group Subrata Roy Dies At 75 In Mumbai
    Nov 14, 2023 · He was awarded an honorary doctorate in business leadership from the University of East London, as well as the Business Icon of the Year award ...
  93. [93]
    Business Leader Subrata Roy | PDF | Service Industries - Scribd
    AWARDS & HONOURS​​ Subrata Roy Sahara recently got Indian Business Icon of the Year Award. He has been also rewarded with Lakshya-2010 Business Visionary Award. ...
  94. [94]
    Subrata Roy obituary: Sahara founder leaves behind complex legacy
    Nov 15, 2023 · Born on June 10, 1948 at Araria in Bihar, Roy rose to fame through his banking and real estate business, Sahara. His economic empire, valued at ...Missing: key facts
  95. [95]
    The enigmatic tale of Subrata Roy and the Sahara Empire, from ...
    Nov 16, 2023 · Subrata Roy, the founder of the Sahara Group, a towering figure in the Indian business landscape, passed away at the age of 75 on Tuesday, ...
  96. [96]
    The Rise, Fall, and Resilience of Saharasri Subrata Roy (1948 - 2023)
    Nov 25, 2023 · Subrata's early leadership reflected strategic brilliance. He forged Sahara's identity with a unique business model, introducing ...Missing: biography dropout
  97. [97]
    S.E.B.I. Vs. Sahara India Real Estate Corporation Ltd. and Ors.
    By an ad interim ex parte order dated 24th November, 2010 SEBI directed Saharas not to offer their equity shares/OFCDS or any other securities to the public or ...
  98. [98]
    Corporate Fraud in India – Case Studies of Sahara and Saradha
    Nov 14, 2014 · ... the arrest of Sahara India Pariwar Chairman Subrata Roy. [1] ... There is no doubt that conning poor people into investing in a hoax ...
  99. [99]
    Subrata Roy: India detains Sahara group chief - BBC News
    Feb 28, 2014 · One of India's most flamboyant tycoons, Subrata Roy, has been taken into police custody after surrendering himself for arrest in a fraud case.Missing: criticisms scam
  100. [100]
    Was Sahara scandal a honest mistake of Subrato Roy? I ... - Quora
    May 12, 2016 · Was Sahara scandal a honest mistake of Subrato Roy? I heard that SEBI identified scam when Sahara itself approached SEBI for going public.
  101. [101]
    Supreme Court seeks Centre, SEBI response on Sahara's plea to ...
    Oct 14, 2025 · Supreme Court seeks response on Sahara India's plea to sell properties to Adani for investor refunds.
  102. [102]
    Supreme Court seeks Centre, Sebi response on Sahara's plea to ...
    Oct 14, 2025 · The Supreme Court ultimately ordered Sahara to disclose details of its OFCD schemes and refund investors with 15% interest. In 2014, Subrata Roy ...Missing: defense verification
  103. [103]
    https://timesofindia.indiatimes.com/business/india-business/saharas-lucknow-hq-was-central-to-all-money-laundering-activities-ed-tells-hc/articleshow/124750106.cms
  104. [104]
    SonyLIV's 'Scam 2010': India's Sahara Group Seeks Legal Action
    May 18, 2024 · Sahara India Pariwar, the company founded by the late Subrata Roy, has hit back after SonyLIV and Applause Entertainment announced a series on him.Missing: initial | Show results with:initial
  105. [105]
    From Salman Khan's Wanted to Malamaal Weekly: Here's a look at ...
    Nov 15, 2023 · Subrata Roy, an Indian businessman and the founder of the Sahara India Pariwar conglomerate, played a significant role in the establishment and ...
  106. [106]
    SonyLIV & Hansal Mehta Making 'Scam 2010: The Subrata Roy Saga'
    May 16, 2024 · SonyLIV and director Hansal Mehta are making 'Scam 2010: The Subrata Roy Saga', the latest in the 'Scam' true-crime drama franchise.