Sahara’s shadow: the spectacular unhook at Subrarata Roy

Accused of orchestrating one of the largest Ponzi schemes in India, which involve millions of investors, Roy was never sentenced, dying before any trial could be issued in the multiple cases against him. At the time of his death, he had spent years at the notorious Tihar prison in Delhi, only to be released on probation, as although even the law was not sure of the exact nature of his guilt.

When the Central Cooperative Companies Registry (CRCS) launched a portal for investors to claim funds raised by Roy companies, only ₹2,314 million rupees had been returned as of February 28, 2025, ₹15,775 million rupees available under an order of the Board of Securities and Exchange of India (SEBI). Many investors are still impossible to track, which adds to Enigma Roy left behind.

His fortune changed in 1976 when he took over a finance company with difficulties, Sahara Finance.

In the mid -1970s they were a tumultuous period in India. The very high inflation and the increase in unemployment were pushing people to look for alternatives to Staid bank deposits. It was a fertile terrain for the dubious financial schemes: the funds that promised exponential returns promised that they flourished. When Sahara launched her first background in Gorakhpur, …