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Subrata Roy Death: Sahara Shree Passes Away, Leaves Behind a Controversial Legacy

Subrata Roy, widely recognized as Sahara Shree, passed away on Tuesday evening at a Mumbai hospital due to cardiac arrest.

Edited By : Malika Sahni | Updated: Nov 15, 2023 10:10 IST
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The passing of Subrata Roy, the renowned businessman famously known as Sahara Shree, has cast a spotlight on both his influential legacy and the controversies that marked his life. Roy breathed his last on a Tuesday evening at a Mumbai hospital, succumbing to a fatal cardiac arrest.

Survived by his wife Swapna Roy and their two sons, Seemanto and Sushanto Roy, Subrata Roy’s life was colored with flamboyance, notably highlighted by the reported lavish expenditure of Rs 550 crore on his sons’ weddings. However, recent revelations about his family’s decision to renounce their Indian citizenship in favor of citizenship in North Macedonia—a Balkan nation in Southeastern Europe—raised eyebrows, hinting at potential motives to circumvent Indian laws.

Amid an ongoing SEBI case accusing Subrata Roy of misappropriating investor funds, this move by his family seems strategic—a temporary measure to distance themselves from the controversial legal proceedings. Speculation arises regarding Roy’s favorable ties with the Macedonian government, having been honored as a state guest on multiple occasions.

In 2017, a lookout circular was issued against Swapna Roy, citing her relationship as the wife of Sahara India’s chairman. However, a petition filed on her behalf emphasized her law-abiding nature and asserted her citizenship in the Republic of Macedonia, refuting any criminal history.

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Reports hinted at Sahara Group’s ambitious plans to establish three significant ventures in Macedonia—an expansive dairy, a luxurious 7-star hotel akin to Las Vegas standards, and an advanced indoor film production setup. Allegedly, Roy received governmental support for these projects.

The process of acquiring citizenship in North Macedonia entails specific prerequisites, although relatively less stringent compared to other countries. Sources indicated that a 4 lakh euro investment and the employment of 10 locals were among the conditions mandated for securing Macedonian citizenship—a pathway believed to have been pursued by Roy’s family.

Subrata Roy’s legacy encapsulates both opulence and complexity, leaving behind a trail of triumphs, controversies, and strategic decisions that have shaped not only his life but also raised intriguing questions about business, legality, and the pursuit of a global identity.

First published on: Nov 15, 2023 10:10 AM IST

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