The Complex Heritage of India's Self-Made Billionaire Subrata Roy

Subrata Roy, the controversial Indian businessman and founder of the Sahara Group, has passed away at the age of 75 in Mumbai. His conglomerate had diverse business interests in finance, housing, media, manufacturing, aviation, and hospitality. According to his firm, Roy died of a cardiac arrest after battling complications arising from metastatic malignancy, hypertension, and diabetes. Roy's life was marked by both success and downfall. His firm faced accusations of cheating investors out of billions of dollars, tarnishing his legacy. Despite this, Roy remained a captivating figure in Indian corporate history. His rags-to-riches story, overcoming financial hardships to become one of India's richest businessmen, added to his larger-than-life persona. Born in 1948 into a privileged land-holding family in Bihar, Roy's life drastically changed after his father's death. To support his family, he reportedly sold salted snacks on a scooter, displaying his natural business acumen. In his 20s, Roy took over Sahara, a struggling finance company, and revolutionized its financial model, leading it to success. The once-small company flourished, becoming one of India's largest conglomerates in the 1990s and employing over a million workers in the private sector. Critics accused Roy of running his company like a cult, referring to himself as the "chief managing worker" and guardian of the "Sahara parivar (family)." At its peak, Sahara sponsored the Indian cricket team, owned a stake in a Formula One racing team, and possessed iconic properties like New York's Plaza Hotel and London's Grosvenor House. Renowned for his extravagant lifestyle, Roy owned private jets, helicopters, luxury cars, and several opulent properties. He even designed his homes to resemble famous residences such as the White House and Buckingham Palace. Roy also had connections with India's biggest film stars and politicians. In 2004, his sons' wedding was attended by numerous prominent guests, including business moguls, Bollywood idols, and cricket stars, with former Prime Minister Atal Behari Vajpayee blessing the newlyweds. However, Roy faced legal troubles in the early 2010s when Sahara came under scrutiny from India's market watchdog for failing to repay investors. Two Sahara firms had raised billions of dollars through illegal bonds, and the company refused to refund the money despite a court order. In 2014, Roy's arrest occurred after he failed to appear in court regarding the case. He spent over two years in jail and was released on bail in 2016. Following his release, Roy mostly stayed out of the media spotlight. However, in 2020, he gained attention again when he was featured in the Netflix series "Bad Boy Billionaires: India," which explored the journeys of successful Indian businessmen who faced legal trouble. Roy's death marks the end of a significant chapter in Indian corporate history, leaving behind a complex legacy intertwined with success, controversy, and legal battles.