ED arrests top Sahara executive O.P. Srivastava in Kolkata over the alleged ₹1.74 lakh crore scam. Massive refund promises, years of complaints, and one of India’s biggest financial fraud probes deepens.
By Qalam Times News Network
Kolkata | 22 November 2025
ED Arrests O.P. Srivastava
The Enforcement Directorate has arrested senior Sahara India executive O.P. Srivastava in Kolkata, accusing him of playing a key role in the alleged ₹1.74 lakh crore misappropriation linked to Sahara’s investment schemes. After hours of questioning on Thursday, ED officials placed Srivastava under arrest and produced him before the Bankshall Court late at night. He will be taken to the special ED court again on Friday.
Massive Refund Promise, No Money Returned
According to ED sources, Sahara had promised to return ₹1.74 lakh crore to its investors — money collected through a range of schemes that were pushed aggressively across the country. Instead of refunds, the agency alleges, the funds were diverted or misused.
Investigators claim Srivastava was directly involved in helping the group draw money from the public under the guise of investment projects that never yielded returns.
Despite a long interrogation session, ED officials were reportedly dissatisfied with his explanations, prompting the arrest.
Legacy of Financial Irregularities
Sahara has been under scrutiny for more than a decade.
- The group first came under the scanner nearly 15 years ago for allegedly running illegal deposit schemes resembling Ponzi models.
- In 2011, SEBI ordered Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to refund investors.
- A year later, the Supreme Court upheld the directive, ruling that Sahara must return the principal amount with 15% interest.
- The dues eventually crossed ₹25,000 crore.
Following the death of Sahara chief Subrata Roy in November 2023, Srivastava became one of the most influential figures in the organisation.
Fresh Complaint From Former Employees
Recently, a couple from Lucknow — both former Sahara employees — filed a police complaint claiming they were denied their salaries for years. They alleged that despite working for the company between 2016 and 2020, they never received dues amounting to nearly ₹2 crore. Srivastava and others were named in the complaint.
With this arrest, the ED has intensified its investigation into what is being described as one of India’s largest financial fraud cases.
