Subrata Roy is a well-known Indian businessman and the founder of Sahara India Pariwar, a major business conglomerate in India. However, his name is also associated with a major financial scandal that shook the Indian financial sector to its core. The Subrata Roy scam refers to the fraudulent activities carried out by Roy and his company, which resulted in huge losses for investors and depositors.
Roy was born in Araria, Bihar, on June 10, 1948. He started his career in 1978 with a small finance company, which later grew into Sahara India Pariwar. Under his leadership, the company became a major player in various sectors, including media, real estate, and hospitality. However, in 2014, the Securities and Exchange Board of India (SEBI) ordered Sahara India Pariwar to refund over Rs 24,000 crore to its investors, citing illegal fund-raising activities. This led to Roy’s arrest and subsequent imprisonment for over two years.
The Subrata Roy scam has been a topic of much discussion and debate in India, with many investors and depositors still waiting for their money to be refunded. In this article, we will explore the full details of the Subrata Roy scam, including his net worth in 2023, his death, family, age, and wife.
Subrata Roy’s Net Worth 2023
Subrata Roy is known for his rags-to-riches story, having started his first business in Gorakhpur with only ₹2,000. Under his leadership, Sahara India Pariwar became one of India’s biggest companies, employing about 1.2 million people and claiming to have over 9 crore investors, about 13% of all households in the country. However, his business empire suffered a downward spiral after he was accused of scamming 30 million investors.
As of 2023, Subrata Roy’s net worth is estimated to be over $10 billion. However, in 2013, as the court case dragged on, he claimed that his total assets were about 50 million rupees ($600,000). Despite the controversy surrounding his wealth, Subrata Roy was known for his extravagant lifestyle, including owning multiple properties, private jets, and yachts.
Subrata Roy’s net worth has been a topic of discussion for many years, with Forbes estimating his net worth at more than $10 billion in 2016. However, the arrest and legal proceedings against him tarnished his larger-than-life image, and his net worth has been a subject of speculation ever since.
Despite the controversies surrounding his net worth and business dealings, Subrata Roy’s story is still an inspiration to many entrepreneurs in India. His ability to build a massive business empire from humble beginnings is a testament to his entrepreneurial spirit and business acumen.
Subrata Roy’s Death
On November 14, 2023, Subrata Roy, the founder and chair of Sahara India Pariwar, passed away at the age of 75 in a Mumbai hospital, according to CNN. Roy had been hospitalized for “an age-related illness” and was in critical condition for several days before his death.
Impact on Sahara Group
Roy’s death has raised concerns about the future of Sahara India Pariwar, which he founded in 1978 with just Rs 2,000, according to Deccan Herald. The conglomerate has interests in finance, real estate, media, and hospitality, among other sectors. Roy was known for his hands-on management style and was involved in all aspects of the company’s operations.
With Roy’s passing, there is uncertainty about who will take over the reins of the company. According to Variety, Roy was known within the group as the “managing worker,” and his absence will be felt throughout the organization. It remains to be seen whether Sahara India Pariwar will continue to thrive without its charismatic founder.
Public Reaction
Roy’s death has been met with mixed reactions from the public. Some have praised his entrepreneurial spirit and his contributions to the Indian economy, while others have criticized him for his alleged involvement in a massive financial scam.
In 2014, Roy was arrested for allegedly defrauding investors of billions of dollars through his company’s bond schemes, according to CNN. He spent over two years in jail before being released on parole in 2016. The case against him is still ongoing.
Despite the controversy surrounding Roy, his death marks the end of an era for Sahara India Pariwar and the Indian business community as a whole. His legacy, for better or for worse, will continue to be felt for years to come.
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