Subrata Roy, Controversial Billionaire and Chief of Sahara Group, Passes Away at 75
Subrata Roy, former chief of India's Sahara Group, passes away at 75; his demise marks the end of an era for one of the nation's largest conglomerates
Subrata Roy, the creator of Sahara and formerly one of India's largest conglomerates, passed away on Tuesday at the age of 75. According to his company's statement, he died at a hospital in Mumbai after an enduring struggle with complications resulting from metastatic malignancy, hypertension, and diabetes.
According to the company, Roy was admitted to the hospital on Sunday. The company described him as a "guiding force, a mentor, and a source of inspiration." They further expressed that the entire Sahara India Pariwar would deeply feel his loss.
Founded in 1978 by Roy, this company operates across various sectors, including real estate, banking, manufacturing, and media. At its peak, it served as India's largest private sector employer. Additionally, the company sponsored the Indian national cricket team, owned a stake in India's Formula One team, and invested in luxury hotels in London and New York.
Renowned for being one of the nation's most extravagant tycoons, Roy maintained close relationships with India's upper class, including renowned Bollywood actors and influential political figures.
However, he found himself ensnared in controversy and entangled in a protracted legal dispute with India's securities regulator, the Securities and Exchange Board of India. The battle revolved around the repayment of billions of dollars to investors. In 2012, India's Supreme Court declared that the group had solicited funds through illicit bonds.
According to Reuters, he was arrested in 2014 and has remained on bail since 2016. Roy vehemently denies any wrongdoing.
In the Netflix docuseries "Bad Boy Billionaires," Roy's story and legal struggles were highlighted. The series delves into the ascent and downfall of four Indian businessmen who have been accused of corruption, with all of them vehemently denying the allegations.
After news of Roy's death spread, social media was inundated with tributes for him.
"Devastated to hear about the loss of Sahara Shri Subrata Roy," former Indian Olympian PV Sindhu tweeted on X, previously known as Twitter. "May he rest in peace, dear uncle. I will always cherish the wonderful memories of the time I spent with you and aunty during my visits to Lucknow. You were always incredibly kind, loving, and respectful towards me."
Indian actor Anupam Kher wrote: "He was always ready to help, kind and larger than life. May god rest his soul in peace."
Roy is survived by his wife and two children.
