A village in Bihar’s Begusarai district lost Rs 5 crore to an ill-fated investment in Sahara. In their pursuit of quick financial returns, residents of Khanjahapur village in Cheria Bariyarpur Assembly constituency sold their land, only to find themselves trapped by the lure of rapid wealth.
In their quest to double their money in the shortest possible time, villagers overlooked critical factors such as reliable investment strategies and associated risks. The community’s collective decision to invest in what they believed was a promising venture has now left them in dire straits, with financial institutions unwilling to extend loans to them.
Local18 Bihar conducted a ground report to assess the current situation of the villagers, who are now grappling with the aftermath of their choices. The story serves as a cautionary tale about the dangers of greed and the importance of informed financial decisions.
In Khanjhapur village, located 40km from the Begusarai district headquarters, many residents sold their land to invest in Sahara, lured by promises of double the income in six years. Villager Avnish Singh shared his experience, stating that an agent of Sahara assured them of receiving double returns on their investment which made them sell their land to deposit Rs 2.5 lakh in the company. “Five years later, we learned our money was lost, and now there is no hope of recovery,” he stated.
Another villager, Sanjeev Kumar Singh, revealed that he invested Rs 5 lakh from the sale of grain and land, all of which has now vanished. Additionally, labourer Bhattu Sahni invested Rs 20,000, echoing the sentiment of despair among the villagers. “We don’t see any hope of getting our money back,” he lamented.
Another local resident, Pramod Kumar Verma, shared his struggles, stating he saved Rs 18 lakh for his three daughters’ marriages by selling land and livestock and invested the amount in Sahara. However, with no returns from his investments, he now faces the harsh reality that his daughters may remain unmarried. “No one is willing to provide loans for their marriages,” he lamented.
The situation in Khanjhapur reflects a broader crisis, as approximately 70% of the village’s population has lost a staggering Rs 5 crore due to investments in Sahara. Local agents who once promoted these schemes have now gone silent when confronted on camera, but informally reported that multiple members from each family had invested significant amounts, ranging from Rs 10,000 to Rs 25 lakh.
Ramcharit Mahato, a former Sahara agent, displayed passbooks to Local18, revealing that even he has Rs 5 lakh stuck in the failed investment. With an estimated 20,000 families affected, the village’s economic development has stalled, leaving banks reluctant to extend loans.
The ongoing financial crisis poses a significant barrier to the future of many families, especially when it comes to marriages.
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