Sahara Group founder and Chairman Subrata Roy has passed away at the age of 75.
He died in a Mumbai hospital following a protracted illness on Wednesday, according to the firm, reports NDTV.
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Subrata Roy is survived by his wife, Swapna Roy, and two sons, Sushanto Roy and Seemanto Roy, who live in different countries, it said
Subrata Roy, who was born in Bihar's Araria in 1948, started Sahara India Pariwar in 1978. Starting with a capital of merely 2,000, the firm has gone a long way to become a forerunner in entrepreneurship, according to the company's website.
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However, Sahara had a slew of issues with finances in what has become known as the "Sahara chit fund scam".
According to a statement released on Tuesday by Sahara, Subrata Roy died of a cardiorespiratory arrest after a long struggle with consequences from metastatic cancer, hypertension, and diabetes, the report said.
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He was admitted to Mumbai's Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute as his condition deteriorated. "His loss will be deeply felt by the entire Sahara India Pariwar," said Sahara Group.