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[ 0 => 'On 26 February 2014, the [[Supreme Court of India]] ordered the arrest of Subrata Roy - Chairman & Founder of [[Sahara India Pariwar]] for failing to appear before it in connection with the Rs.24,000-crore deposits his company has not refunded to its investors. He was eventually arrested on 28 February 2014 by Uttar Pradesh police on [[Supreme Court of India|Supreme Court's]] Warrant, in a dispute with [[Securities and Exchange Board of India|Market Regulator - SEBI]].<ref>{{cite web|title=Subrata Roy Sahara surrenders before Police in Lucknow|url=http://news.biharprabha.com/2014/02/subrata-roy-sahara-surrenders-before-police-in-lucknow/|work=IANS|publisher=news.biharprabha.com|accessdate=28 February 2014}}</ref> In a statement after the arrest, his lawyer said Mr. Roy's 92-year-old mother was in poor health and needed "her eldest son" by her side, and hence he failed to appear at the court.<ref>{{cite web|last=Roy|first=Subrata|title=Profile of Subrata Roy|url=http://www.bbc.com/news/world-asia-india-26349549|work=Profile|publisher=BBC|accessdate=28 February 2014}}</ref>', 1 => 'He was granted interim bail by Supreme Court of India for the same on 26 march 2014 on condition of depositing Rs 10,000 crore with the market regulator Sebi.', 2 => '<ref>{{cite web|title=SC grants conditional bail to Sahara chief Subrata Roy|url=http://timesofindia.indiatimes.com/india/SC-grants-conditional-bail-to-Sahara-chief-Subrata-Roy/articleshow/32719977.cms|publisher=[[Times of India]]|accessdate=26 March 2014}}</ref>', 3 => '==Timeline of events==', 4 => 'Events of this fraud case started in 2010 and its still in proceeding in Supreme court of India as on March 2014.<ref>{{cite news|url=http://archive.indianexpress.com/news/investor-fraud-case-sahara-group-chief-subrata-roy-grilled-by-sebi-over-assets/1100353/|title= Investor fraud case: Sahara Group chief Subrata Roy grilled by Sebi over assets|date=27 March 2014|work=[[Indian Express]]}}</ref><ref>{{cite news|url=http://www.hindustantimes.com/india-news/sahara-scandal-4-year-chain-of-events-lead-to-subrata-roy-s-arrest/article1-1189364.aspx|title= Sahara scandal: 4-year chain of events that lead to Subrata Roy's arrest|date=27 March 2014|work=[[Hindustan Times]]}}</ref><ref>{{cite web|title=All you need to know about the Subrata Roy case|url=http://in.finance.yahoo.com/news/all-you-need-to-know-about-the-subrata-roy-case-073539945.html|publisher=[[Yahoo]]}}</ref>', 5 => false, 6 => '*November 2010 - [[Securities and Exchange Board of India]] bars [[Sahara India Pariwar]] chief [[Subrata Roy]] and two of its companies - Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) from raising money from the public as they raised several thousand crores through optionally fully convertible debentures which SEBI deemed illegal.<ref>{{cite news|url=http://news.outlookindia.com/items.aspx?artid=702391|title= SEBI Bars Subrata Roy From Raising Funds|date=24 November 2010|work=[[Outlook (magazine)]]}}</ref>', 7 => false, 8 => '*December 2010 - Sahara made appeal in the Allahabad High court which ordered SEBI not to take any action until an court order is passed.<ref>{{cite web|title=Allahabad High Court Stay in the SEBI-Sahara Case|url=http://indiacorplaw.blogspot.in/2010/12/allahabad-high-court-stay-in-sebi.html|publisher=India Corp Law}}</ref>', 9 => false, 10 => '*January 2011 - Delhi High court issued a warrant against [[Sahara India Pariwar]] chairman [[Subrata Roy]] and four other officials of the group on a complaint that it deceived investors in a proposed housing project of Rs.25,000 crore.<ref>{{cite news|url=http://www.thaindian.com/newsportal/business/warrant-issued-against-subrata-roy-five-others_100492516.html|title= Warrant issued against Subrata Roy, five others|date=24 January 2011|work=Thaindian}}</ref>', 11 => false, 12 => '*February 2011 - Delhi High court stays proceedings against [[Sahara India Pariwar]] chairman [[Subrata Roy]] and four other officials of the group on a complaint that it deceived investors in a proposed housing project.<ref>{{cite news|url=http://www.dnaindia.com/india/report-delhi-high-court-stays-proceedings-against-subrata-roy-in-cheating-case-1505115|title=Delhi high court stays proceedings against Subrata Roy in cheating case|date=08 February 2011|work=[[Daily News and Analysis]]}}</ref>', 13 => false, 14 => '*May 2011 - Supreme court of India asked Sahara India Real Estate (SIREC) to furnish the format of the application for an optionally fully convertible debentures (OFCD) scheme and a list of accredited agents which raised money on company's behalf.<ref>{{cite news|url=http://www.thehindubusinessline.com/companies/apex-court-directs-sahara-group-firm-to-provide-details-on-ofcd-scheme/article2003459.ece?ref=relatedNews|title= Apex court directs Sahara Group firm to provide details on OFCD scheme|date=09 May 2011|work=[[The Hindu]]Business Line}}</ref>', 15 => false, 16 => '*June 2011 - SEBI ordered Sahara firms to immediately refund the money collected through sales of OFCDs.', 17 => false, 18 => '*October 2011 - Securities Appellate Tribunal (SAT) ordered two unlisted Sahara Group companies to refund within six weeks about 17,656.53 crore with 15% interest which it had raised through a controversial flotation of OFCDs.<ref>{{cite news|url=http://www.thehindubusinessline.com/industry-and-economy/sat-upholds-sebi-order-on-sahara-to-refund-money/article2549338.ece?ref=relatedNews|title= SAT upholds SEBI order on Sahara to refund money|date=18 October 2011|work=[[The Hindu]]Business Line}}</ref>', 19 => false, 20 => '*November 2011 - [[Sahara India Pariwar]] moved to Supreme Court against SAT's order and in favour of Sahara Group it stayed the SAT order, and asked the two companies to refund 17,400 crores to teir investors and asked the details & liabilities of the companies.<ref>{{cite news|url=http://www.thehindubusinessline.com/industry-and-economy/apex-court-stays-order-on-sahara-group-to-refund-money/article2667677.ece|title= Apex court stays order on Sahara group to refund money|date=28 November 2011|work=[[The Hindu]]Business Line}}</ref><ref>{{cite news|url=http://indiatoday.intoday.in/story/sahara-supreme-court-sat/1/161857.html|title= SC stays SAT's order directing Sahara group to pay back Rs.17,400 crore to investors|date=28 November 2011|work=[[India Today]]}}</ref>', 21 => false, 22 => '*January 2012 - Supreme Court gives three weeks time to [[Sahara India Pariwar]] to choose between options to secure investments made by public in OFCD scheme. Either to give sufficient bank guarantee or attach properties worth the amount raised through OFCD's.<ref>{{cite news|url=http://www.business-standard.com/article/companies/sc-gives-sahara-3-weeks-to-secure-investments-112012000175_1.html|title= SC gives Sahara 3 weeks to secure investments|date=20 January 2012|work=[[Business Standard]]}}</ref>', 23 => false, 24 => '*May 2012 - Supreme court is informed by Senior counsel Fali Nariman (appearing for Sahara India Real Estate Corp) that SEBI could not have taken up this issue of Sahara Group of companies raising funds through OFCD since there was no complaint from any investor.<ref>{{cite web|title=Market regulator at fault in Sahara case, apex court told|url=http://in.finance.yahoo.com/news/market-regulator-fault-sahara-case-133525354.html|publisher=[[Yahoo]]}}</ref>', 25 => false, 26 => '*June 2012 - SEBI informed Supreme Court that real estate division of [[Sahara India Pariwar]] had no right to mobilise Rs.27,000 crore from investors through optionally fully convertible debentures (OFCD) without complying norms of Market regulator - SEBI.<ref>{{cite web|title=Sahara firm bypassed norms to raise funds, SC told|url=http://in.finance.yahoo.com/news/sahara-firm-bypassed-norms-raise-141610553.html|publisher=[[Yahoo]]}}</ref>', 27 => ' ', 28 => '*August 2012 - Supreme court directs Sahara India Real Estate Corporation Ltd. (SIRECL) and the Sahara Housing Investment Corporation Ltd. (SHICL) to refund over Rs. 24,400 crore.<ref>{{cite news|url=http://www.thehindu.com/business/companies/sc-orders-sahara-to-refund-rs-24400-crore/article3843576.ece|title= SC orders Sahara to refund Rs. 24,400 crore|date=31 August 2012|work=[[The Hindu]]}}</ref>', 29 => false, 30 => '==References==', 31 => '{{Reflist|30em}}', 32 => false, 33 => '[[Category:Fraud in India]]' ]