Sahara Group’s Subrata Roy dies at 75 after fierce health battle
Subrata Roy, the founder and Chairman of Sahara Group, died on Tuesday, November 14, at a Mumbai hospital following a prolonged illness, as announced by the company. At the age of 75, Roy’s death marks the end of a sensational chapter in the Indian business world.
A Life of Controversy and Success
Subrata Roy, who was born in Bihar in 1948, rose to prominence with Sahara India Pariwar, a company he started in 1978 with a mere ₹2,000. Under his leadership, the company soared to new heights, becoming a symbol of Indian entrepreneurship. However, his journey was not without controversy, most notably the infamous “Sahara chit fund scam,” which cast a shadow over his empire.
The Downfall Amidst Triumph
Despite his business acumen, Subrata Roy faced severe legal challenges. The Supreme Court’s ruling in 2012 against an investor scheme by Sahara quickly escalated into a massive controversy, involving the Securities and Exchange Board of India (SEBI) and the Enforcement Directorate. These legal battles continued for years, culminating in the Supreme Court ordering a refund to the depositors of the Sahara Group of Cooperative Societies earlier this year.
The Legacy and Loss
Subrata Roy’s death was confirmed to be due to cardiorespiratory arrest, compounded by his battle with metastatic malignancy, hypertension, and diabetes. His demise has been felt deeply by the Sahara India Pariwar and the business community. Political figures, including former UP Chief Minister Akhilesh Yadav, have expressed their emotional loss, recognizing Roy as a successful businessman and a benevolent figure who supported countless people.
Subrata Roy’s life story, from his humble beginnings to becoming a business magnate and his eventual fall amidst legal controversies, reads like a saga of ambition, controversy, and human resilience. His death not only marks the end of an era in Indian business but also leaves behind a complex legacy of success, scandal, and philanthropy.