Sahara India chief Subrata Roy passed away. He was 75 years old at the time of his death. He was suffering from various physical problems including cancer for a long time.
He was admitted to Kokilaben Dhirubhai Ambani Hospital in Mumbai when his condition deteriorated on November 12. He breathed his last there on Tuesday (November 14) night.
Sahara India announced Subrata’s death in a statement on behalf of the family. The statement further informed that he died around 10:30 pm on Tuesday. He was suffering from cancer, high blood pressure, breathing problems and heart problems for a long time.
Subrata was born on June 10, 1948 in Araria, Bihar. He graduated in Mechanical Engineering from Gorakhpur Technical Institute. In 1976, he acquired the defunct chit fund company ‘Sahara Finance’. In 1978 it was renamed ‘Sahara Parivar’. Gradually he established himself as a prominent businessman on the map of India. With his hands, Sahara expanded the empire in various fields including financial institutions, housing industry, media and hotel business.
In 1992, he started a Hindi newspaper named ‘Rashtriya Sahara’. A few years later, he started his dream project. He started the ‘Amby Valley Project’ covering more than 10,000 acres of land in Pune. Later he also launched a TV channel. He also acquired famous hotels like Grosvenor House Hotel in London and Plaza Hotel in New York.
Controversy did not leave him behind. In 2002, Sebi told the Supreme Court that Sahara Group Companies had illegally raised $3.5 billion from the market. Sahara authorities, however, claim that they have given investment opportunities to millions of Indians who were unbanked. However, among the list that was supported, many investors were not found. Sahara Pradhan was sent to jail in March 2014. Subrata came out on parole in 2016 after being in jail for almost two years. Since then he was out of jail.