Sahara Group on ‘Scam 2010 - The Subrata Roy Saga': An abusive and grossly condemnable act

New Delhi: Sahara Group has criticised the upcoming series titled "Scam 2010 - The Subrata Roy Saga", calling it an "abusive and grossly condemnable act" and said it is contemplating "suitable legal action" against the makers.

The series, dubbed as a "dust-to-diamonds story of maverick businessman Subrata Roy", is the third chapter of filmmaker Hansal Mehta's smash hit series “Scam” for streaming service Sony LIV after “Scam 1992: The Harshad Mehta Story” and “Scam 2003: The Telgi Story”.

The latest installment was announced by the director on Thursday.

In a statement, Sahara India said the "aggrieved members" are seeking advice to take "suitable legal action against the producer, director and all those who are involved" in the making of the show.

"An abusive and grossly condemnable act has been demonstrated by the makers of 'Scam' to achieve cheap and wide publicity, by announcing to unveil, 'Scam 2010: The Subrata Roy Saga'.

"Sahara India Pariwar condemns such acts of all the individuals and parties involved and shall resist to their offending behaviour. In this regard, the aggrieved members are seeking advice to take suitable legal action against the producer, director and all those who are involved in making the illegal portrayal," the statement said.

The group said the dispute between SEBI and Sahara is still pending before the Supreme Court and "any attempt to influence the proceedings of the said case shall attract contempt of Court, besides such acts amount to criminality".

It claimed Sahara India Pariwar has never been involved in any chit fund activity and even the Sahara-SEBI issue was a dispute on the Sebi's jurisdiction on certain bonds issued by the group.

Based on the book “Sahara: The Untold Story by Tamal Bandyopadhyay”, the series will be produced by Applause Entertainment, in association with Studio Next and helmed by Mehta.

According to the makers, "Scam 2010" will delve into the depths of one of India’s most storied financial scandals.

"In the early 2000s, Roy was caught in a whirlwind of accusations ranging from chit-fund manipulations to fake investors, ultimately leading to his arrest in 2014. With approximately Rs 25,000 crore still lying unclaimed with government authorities, the repercussions of the scam continue to reverberate even today," they said in a press release.

In its statement, the group said in the garb of a right of free speech and expression, no one can be allowed to "undermine the goodwill and reputation of a person, who is not available to defend himself".

"The use of the word 'scam' in the title of the so-called web-series and linking it to Sahara seems prima-facie defamatory, and tends to lower down the image and reputation of Saharasri Ji and Sahara India Pariwar," it read.

Roy, who passed away in November 2023 at the age of 75 after battling a prolonged illness, faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.

In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs).

This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.

After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi's directions asking the two firms to refund the money collected from investors with 15 per cent interest.

Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the group has been maintaining that it had already refunded more than 95 per cent of investors directly.