Billionaire Who Bought Egbin Power Station And Ikeja Disco Is Jailed In India

The Indian entrepreneur who's company has acquired majority interest in Egbin power station and Ikeja DISCO is in jail.

1) Subrata Roy, Sahara India Pariwar owner, arrested Friday

Subrata Roy, the flamboyant chairman of the financial services group Sahara India Pariwar and owner of properties such as New York’s Plaza Hotel and a stake in India’s only Formula One racing team, surrendered to police after the nation’s top court issued a warrant in a probe into whether he failed to refund US$3.9 billion to his depositors.

Roy, 65, submitted to police and is cooperating with the Supreme Court’s directive, his son Seemanto Roy said at a press conference in New Delhi Friday. The financier defied summons and failed to appear in court on Feb. 26, prompting a non-bailable arrest warrant. In a statement issued earlier today, Roy cited the need to be at his ailing mother’s bedside for his absence.

Roy, who began operations in 1978 by going door to door to collect small amounts of cash, is seeking to convince the top court that Sahara has complied with an order to refund 240 billion rupees (US$3.9 billion) to 30 million depositors. India’s market regulator in June 2011 faulted two of his companies for selling convertible debt without approval.