5 Facts About Subrata Roy: Once A Scooter-Riding Chit-Fund Seller

There are some people who inspire us through their lives while there are others who dissuade us terribly. Well, the person whom we are going to know about today, curiously, displays a blend of both vices and virtues, both dynamic rise and imminent fall in the social scale—it’s none the less Mr. Subrata Roy, the fallen owner of the Sahara Airlines and many more. Here’s an attempt to know the person—

5. Early Life

Belonging to a humble background, Subrata Roy was educated at the humble Holy Child School in Kolkata and later went on to grab a diploma in Mechanical Engineering from the Government Engineering College at Gorakhpur. However, it is quite astounding the way he succeeded in being what he is today from that position.

Holy Child School in Kolkata

4. The Business Vision

It is quite a known fact that Subrata Roy had launched his business career with a capital of as low as Rs. 2,000. In fact, the person, who now owns an array of costliest cars from around the globe, once was the owner of only a two-stroke scooter and had started his business career as a mere chit fund collector in the later part of 1970s. His clients were the daily-wage workers who would invest 20% of their daily wages to him with the dream of begetting much more than the investment. In fact, in the beginning he had only 3 friends who would join him in this scheme.

chit fund collector

3. The Sahara India Parivar

Within two decades of this unnoticeable start, Subrata Roy had made his small vision into a reality, and with this, the Sahara Group was launched. The Sahara Group, within a few years, had become a giant in Indian business arena and started running private airlines, entertainment channels, news channels and even a news paper group! They also, by then, had started a real estate group with around 33,000 acres of land under their hold. However, the biggest draw came their way when they bagged the sponsorship of Indian Cricket and Hockey teams.

Also Read: Sahara Chief Subrata Roy’s Face Tarnished With Black Ink

Sahara India Parivar

2. The Chief Guardian

It is what Subrata Roy loves to refer himself as – The Chief Guardian. Well, his flamboyancy was known to every other person in the country, especially after the 2003 Cricket World Cup when he had become so happy with team India’s performance (they were the Runners-up) that he had given one flat each to all the team members (including the team extras, like Parthiv Patel who never got to face a single ball in the tournament) at their gorgeous and super luxurious Amby Valley Project, near Mumbai. Later, he also made a “Sahara City”, a huge complex in Lucknow, Uttar Pradesh. However, lately, it was his sons’ spectacularly lavish weddings that had grabbed the eye balls of even the richest person of India—such are (or, rather, ‘were’) the ways of the Sharashri Subrata Roy.

Chief Guardian

1. The SEBI Debacle

Subrata Roy’s utopic success faced a stubborn reality check when the SEBI brought to notice the baggage of a huge debt that Subrata Roy was living with—a whopping amount of more than Rs. 24,000 Crores, and restrained the Sahara Group from issues any further OFCDs. After a lot of debacles with SEBI up in the Supreme Court, the Saharashri finally drafted a check of Rs. 5,120 crores to SEBI with the promise of fulfilling the rest in 2 installments within the stipulated time. However, having missed to chance upon the promise, SEBI freezed the bank accounts of the Sahara group and ordered the filed pleas for the detention of Roy along with two of the higher officials of Sahara Group. Finally, due to the neglect of the orders of Supreme Court, Saharashri Subroto Roy and his two directors were finally pulled up and were restricted to leave the country unless the original property title deeds weren’t submitted to SEBI within 3 weeks. Finally, on 28th February an non-bailable warrant was issued against Roy for his continuous ignorance of the SEBI and SC orders.

SEBI debacle

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