Depositors of Sahara India create uproar after they fail to get deposits

Balasore: Palpable tension prevailed at Sahara India office in Balasore on Thursday after hundreds of investors gathered outside the office alleging non-payment of money even after the maturity of deposit scheme.

As per allegations, the investors haven’t received their money deposited under ‘Q Shop Scheme’ even after the completion of the maturity period. Moreover, the depositor’s money has been transferred to the ‘Housing and Estate Scheme’ without their knowledge and permission.

“The term of the deposits has matured four months ago, but the officials denied to refund the money and stated the scheme has been changed. They are asking to submit details and ID proofs again. Besides, they said I will get back the money on 2026 with more rate of interest” alleged an investor, Nimai Manna.

On the other hand, responding to such allegations, Balasore Sahara India Branch Manager Bhawani Sankar Pradhan stated release of funds has been delayed due to the ongoing proceedings of SEBI (Security Exchange Board of India).

“As per the direction of the Supreme Court, the verifications of SEBI are underway and investors would get back their money once the proceedings are over,” said Pradhan.

However, dissatisfied over Pradhan’s statement, the investors engaged in an altercation with the officials.
After being informed, police reached the spot and held discussions with the investors.

Later as per the direction of Balasore IIC Sarojini Nayak, an assurance letter was issued by the branch manager to the investors stating that the issue will be resolved within 30 days and all outstanding money will be paid without fail.

“The situation is under control now. People are entitled to get back their money within the deadline,” said Nayak.