Subrata Roy must pay Rs. 62,600 Crore to stay out of prison: SEBI regulator

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Subrata Roy has so far deposited over Rs 15,000 crore, SEBI said in court filing

The Securities and Exchange Board of India (SEBI) has asked the Supreme Court to order tycoon Subrata Roy to immediately pay Rs 62.600 crore ($ 8.43 billion) or to cancel his parole if he does not give in .

The market regulator said that the exceptional liability of the two companies of the Sahara India Parivar group and the head of the group Roy amounts to Rs 62,600 crore, including interest, according to court documents consulted by Bloomberg. Roy’s liabilities have increased by 25,700 crore rupees which he was ordered to pay eight years ago.

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The Supreme Court in 2012 ruled that the Sahara group companies had violated securities laws and illegally collected more than $ 3.5 billion. The companies said funds were collected in cash from millions of Indians who could not benefit from banking services. SEBI couldn’t trace the investors and when the Sahara companies failed to pay, the court sent Roy to jail.

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“This is an absolutely bogus request from SEBI,” the Sahara group said Thursday in an emailed statement. SEBI “maliciously” added 15 percent interest and this is a case of double payment because the companies have already reimbursed investors, the statement said.

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The case of Roy, who appeared in the Netflix series Bad Boy Billionaires, is among the stories of business tycoons fallen into Asia’s third largest economy and India’s efforts to prey on the rich and famous who don’t. have not paid their dues. Roy, who at different times owned an airline, a Formula 1 team, a cricket team, luxury hotels in London and New York and financial firms, has been in prison for over two years and is currently at large. conditional since 2016.

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Roy has so far deposited over Rs 15,000 crore, SEBI said in the court file. The court has not yet decided on the next hearing in the case.

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