Actionable insights on equities, fixed-income, macros and personal finance Start 14-Days Free Trial
Actionable investing insights Get Free Trial

Sahara Gets Its Dose of Irony, Its Rescuer Mirach was just a Mirage


This Sahara thing is totally funny now.

So Sahara Chief Subroto Roy has been cooling his heels in jail for the better part of a year now. Because the courts will only let him go if he repays Rs. 10,000 cr. he owes investors. Roy had said he has the money, but was never able to prove it, so the court said bring us the 10,000 cr. and we’ll give you bail.

He’s probably not liking this jail thing so much, which is why he’s been negotiating with anyone, just about anyone who can give him the paltry sum of Rs. 10,000 cr. to get him out of there. What’s a few thousand crores between friends, he must be thinking after which he instantly realizes he has no friends.

But one turned out of thin air – California based fund Mirach capital is run by Saransh Sharma who said he’d lend the money to Roy, using the Sahara Group’s hotels in London and New York as collateral. The deal was complex – Sahara was to sell these hotels to a group of investors, and Sharma claimed that Mirach had deposited $1.05 billion in an account at the Bank of America. (Source: FirstPost)

Sahara claims to have received a letter from Bank of America saying there was funding of $2 billion for this deal.

Only one small, tiny, problem.

Bank of America, when asked about it, said it was not at all involved.

Which led Sahara to cry foul and say the letter it was given was forged.

Which has led Mirach and Sharma to scream indignantly that they didn’t forge the letter. Sharma supposedly has stolen a database from his former employer, admitted to fabricating an email (in court), and has two pending lawsuits on him. So it’s not like he’s a paragon of virtue.

It’s quite funny, this.

The guy who’s in jail for saying he had Rs. 10,000 cr. and lied, is getting all hyper about another guy who just said he has Rs. 10,000 cr. and  lied.


Subscribe to Capital Mind:

To subscribe to new posts by email, once a day, delivered to your Inbox:

[wysija_form id=”1″]


Also, do check out Capital Mind Premium, where we provide high
quality analysis on macro, fixed income and stocks. Also see our
portfolio which has given stellar returns in our year, trade by trade
as we progress. Take a 30-day trial:

[wysija_form id=”2″]


Like our content? Join Capitalmind Premium.

  • Equity, fixed income, macro and personal finance research
  • Model equity and fixed-income portfolios
  • Exclusive apps, tutorials, and member community
Subscribe Now Or start with a free-trial