Sahara chief Subrata Roy was arrested in Lucknow today
Sahara chief Subrata Roy was today sent to police custody till March 4 after he turned himself in following a Supreme Court warrant against him for not appearing in a case linked to his alleged failure to return Rs 24,000 crore to over three crore small investors. Mr Roy will spend the night at a forest guest house in Kukrail, nine km from Lucknow. His lawyers had requested for a house arrest.
The Sahara chief was arrested at his sprawling estate in Lucknow. A city court that waited three hours this evening for Mr Roy to appear, sent him to police custody till Tuesday - the day the Supreme Court wants him produced before them - but his lawyers say the cops can decide whether to accept his request for house arrest till then.
The Sahara chief has repeatedly cited his 92-year-old mother's illness for not appearing in court and had also asked to be kept under house arrest so he could be by her side.
This morning, he had declared that he was "not absconding" after a police team that landed with a warrant at his home last evening couldn't find him. He said he was out consulting doctors and meeting lawyers at the time and complained that he "can't handle this level of agony and humiliation."
As he surrendered in Lucknow, his son Seemanto read out a statement in Delhi offering his detailed defence for missing the Supreme Court hearing on Wednesday, a move that led to the arrest warrant.
"The Sahara chief is very attached to his mother; her condition remains fragile and he was hoping for a Supreme Court relief," Seemanto Roy said.
He ended with this cryptic message from Mr Roy: "All I want to say is this is the best honour my country could give me."
The Supreme Court refused to take up his plea for the arrest warrant to be recalled today, saying there is "no urgency."
The Sahara group has vast real estate holdings and interests in media companies and hotels. Mr Roy, who calls himself its 'chief guardian', says he had returned all but Rs 2,000 crore to investors and more than 100 truckloads of receipts had been given to market regulator Sebi, or the Securities and Exchange Board of India.
In a statement, the Sahara group said there would have been a "bloodbath and suicides" if they hadn't paid up.