Netflix’s Bad Boy Billionaires is in trouble with Sahara Group for allegedly portraying their company in bad light.
The spokesperson of Sahara India Parivar objected to Netflix’s intention and called the series a bundle of lies. It also accused it of manipulating and ill-conceived which is an attempt made by Netflix to tarnish the image of Sahara.
The series also mentioned that the company was a chit fund, an allegation Sahara has denied.
“This is completely wrong. We were never, and we are never a chit fund company. Since the beginning we were under regulation of Registrar of Firms Societies, under regulation of Reserve Bank for 21 years, worked long years under Ministry of Corporate Affairs and now our workers have promoted and are running cooperative societies under the regulation of Ministry of Agriculture,” Sahara Group said in a statement.
Sahara also claimed that not a single rupee has been forfeited in any of the schemes
“It is said in the film that agents stop going to village and when the account is discontinued, account holder gets a letter of amount being forfeited which is absurd and wrongfully maligns Sahara Group’s image,” Sahara Group said.
The group called he series ill researched and distortion of facts.
Talking about fooling depositors for years, Sahara Group said it is “an absolutely wrong allegation that we were fooling the investors in beginning years and then we were /are unable to repay. We are regularly repaying though in some cases delayed payments are done but we are paying interest of the delayed period up to the last day”
Sahara also spoke about investors and reinvestment, “Netflix, in the film tried to paint a negative image of Sahara on the reinvestment aspect. Throughout the world, in all financial institutions including banks and, in the companies, where agents are promoting business like in life insurance, etc. the reinvestment is always done in a big way. In our case around 40 per cent is reinvested.”
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Netflix’s Bad boy billionaires is a documentary web series which portrays the life of 4 men. Vijay Mallya of Kingfisher Airline, Nirav Modi of Gitanjali Group, Subrata Roy of Sahara India and Ramalinga Raju of Satyam Computers.
It showcases how these business magnates with great financial success and how it all well down when charges of corruption came up.