One of them is Anil. The 30-year-old travel agent put his 200,000 rupees ($3,276) in another investment scheme offered by Sahara, which bills itself as “the world’s largest family.” He fears that the case could hurt his investment.
“I have told my agent to surrender my deposit [partially] … I am worried, but my money will come back, my agent has said,” Anil told India Insight, declining to give his last name. “I will hesitate a bit to invest any money now. If the court case goes on, I will redeem all my Sahara investments.”
Roy, the 65-year-old head of the Sahara conglomerate which has business interests from shopping malls and life insurance to finance and real estate, was sent to Delhi’s Tihar Jail on Tuesday. Police arrested him after his company failed to comply with a Supreme Court order in 2012 to repay investors in the bond scheme, which the court has said was illegal.
Sahara, also famous as the former sponsor of India’s national cricket team, has a net worth of $11 billion, more than 36,000 acres of real estate and 1.1 million salaried and field workers, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.