Published On:Thursday, 6 September 2012
Posted by Diggy Chacha
Survey: 92% Indians were unaware that Sahara was private group and not Government company before the issue crop up
An Independent Survey conducted by Survey Monkey reveals that many Indians were unaware that Sahara Group companies were actually belonged to private promoters. 92% of Indians said that they thought that it was a Government owned group before Supreme Court made it clear.
Pradeep Sharma, Survey Manager of Survey Monkey said "Actually, 92% of 11,201 Indians along with me were totally out of an idea that Sahara Group was managed by some private sector guy who used to cheat them. These Indians were thinking that it is Government managed company and putting money in it is a kind of safe investment."However, after Supreme Court’s order asking Subrata Roy’s Sahara Group to refund more than Rs 17,700 crore raised from 22 million small investors, the investors came to know that it was not such kind of safe investment.
“Yea high risk high return and we are going to get return of 15% every year since invested. However, this we didn’t know for sure. How cool,” said Rajesh Patel, newly joined investor in small investor category of India.
Survey Monkey along with Business World conducted an extensive survey of investors and non-investors in the group to know it that they didn't really know whether this company was not reporting to any minister in the UPA government.
"Every day I used to see Sahara's logo on Cricketer's jersey and the name Sahara looks like a name of a scheme that the Government announces. Therefore, I thought it was a government owned company and it will provide me safe returns," said Jogindar Singh from Punjab. "Therefore I poured some of my savings in this company."
Many people thought it would have been a good idea if they could have made a bit of inquiry before investing, as usual.
"Actually, I have a bit of idea and experience of scams too," said another investor in Sahara's bonds, Samir Joshi "Every time I invest and a scam comes out in that case and every time I learn a lesson that I should be more vigilant. However, 15% return is damn good."
The study revealed that even activist Arvind Kejriwal was not aware that Sahara was a private group and planned to protest against it for looting money of many small investors.
"Yes that's true, I wasn't aware about the same thing. I thought it was a Government company led by Prime Minister Manmohan Singh and planned to stage a protest against it. Fortunately, you asked me that question or otherwise I would have marched for a protest for nothing," said Arvind Kejriwal.
