Sahara Group chief Subrata Roy died due to a cardiorespiratory arrest at a private hospital in Mumbai on Tuesday after a prolonged illness, according to a company statement. He was 75. He was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated.
A statement by the company, which confirmed the death of Sahara Founder, read, “It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar.” Subrata Roy’s assets once included the famous Plaza Hotel in New York, Grossvenor House in London, and the former Force India Formula One team, reported Reuters.
Subrata Roy started Sahara India Pariwar as a small company in 1978, dealing in finance. The group expanded its operations into various sectors such as real estate, media and entertainment, hospitality, aviation, etc making it one of India’s biggest business conglomerates.
Having created a huge business empire across retail, real estate, and financial services sectors, Roy was at the centre of a huge controversy and faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.