Sahara group founder Subrata Roy served up a unique cocktail of nationalism and spirituality, even as the group ran pyramid schemes. Sahara was a “parivaar”—a gigantic family with Roy as the benign patriarch, the “managing worker”.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator's account came back into focus after Roy's demise.
Sahara Group founder Subrata Roy wrote that during his time in Tihar jail, thoughts like ‘Why me?’, ‘What have I done wrong to deserve this?’ often raced through his mind.
When he was at the zenith of his power, Roy was surrounded by top industrialists, film stars, sportspersons and corporate captains. That ended when he was sent to Tihar jail, a stint that almost broke him.
Subrata Roy made a promising start as a high flying business magnate only to lose his way, descending into irrational excesses and breaking the trust of small investors wooed by the promise of exponential returns. Once the garden variety scam was exposed, all his attempts to raise funds and salvage his ventures floundered
Subrata Roy died on November 14 due to cardiorespiratory arrest. He was 75. On social media, tributes poured in for the founder of Sahara Group.