Subrata Roy is a business magnate, founder, and owner of “Sahara Parivar” a conglomerate encompassing a range of companies in Finance, real estate, entertainment, media, and sports.
Subrata was a bright student during his education days. He went to college in Gorkhapur and completed the Diploma in Mechanical Engg. He started his career in 1978 working in business development for a Finance company which was working on chit funds. He overtook the company and restructured its business model and founded “Sahara Finance”.
Subrata moved Sahara’s base to Lucknow and started operating its business from Lucknow. In more than 35 years, Sahara managed to reach revenue of US$11 bn. Sahara group’s few famous project includes Ambey Valley City Project near Pune in the 1990s, purchase of Grosvenor House Hotel in London and then Plaza Hotel in 2012, entered into entrainment industry by launching Sahara One, Sahara Times newspaper in various languages. Subrata also has the keen interest in sports. He sponsored F1 car in the F1 race as Force One, Sahara was one of the biggest sponsors of Indian cricket team for so many years. Subrata is also involved in humanitarian initiatives and was one of the regular in Indian Political circuit.
Subrata’s financial institutions, chit funds, real estate projects were also marked with various controversies. Accusations of money laundering also have been made against Subrata and Sahara Finance institution for floating the RBI guidelines. During the hearing of the case filed by SEBI against Sahara and Subrata, he was jailed for not appearing in the Supreme Court even after a repeated warning by the Apex Court. Sahara has been accused by SEBI for floating various KYC guidelines and collecting crores of money from small investors and not refunding even after the Supreme Court. Subrata had been in Jail since 2014 and had been asked to deposit 24000 Cr Rupees to get a bail.