NEW DELHI: India’s Sahara group said Saturday its employees were helping to raise $1.7 billion in bail money to free the financial giant’s chief Subrata Roy from prison.
Roy, 65, was sent to New Delhi’s Tihar Jail on March 4 over a case involving the repayment of billions of dollars collected in an illegal investment scheme. Earlier this week, the Supreme Court ordered Roy, who has a mansion modelled on the US White House, to post bail of 100 billion rupees ($1.7 billion). In a statement, Sahara said the move by workers to drum up the money was “an emotional initiative” by the people. But local media reported that Sahara executives had sent employees emails urging them to contribute, a claim denied to AFP by an executive of the company.
Sahara, a household name through its one-time sponsorship of India’s cricket team and owner of landmark New York and London hotels, raised 200 billion rupees ($3.2 billion) from millions of small savers through an illegal bond scheme.
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