After being barred by the country central bank, the capital market regulator and the Allahabad High Court from raising money from the public, the Sahara group has moved to a new regulatory territory the multi state cooperative societies. Related Stories No Related Stories Found Sahara agents will now peddle several new investment schemes to raise money under the name Sahara Credit cooperative Society. The society has its headquarters and registered office in Sahara India Baan, Luck now, where most Sahara group entities are based. In an emailed response, Sahara group spokesperson. The cooperative has been developed by around 3,800 workers of the company. Our Managing Worker and three Deputy Managing Workers are not members of the cooperative, which is running some schemes towards financial inclusion of un-bankable people in rural and semi-urban areas who do not go to the bank or are visited by the bank. " According to two people involved in the operations of the group, the application forms for these new schemes are being circulated and the money raised, beginning last week, will be accounted under the new schemes. These schemes surfaced after the Allahabad High Court restricted Sahara from raising money on April 7. An Uttar Pradesh-based agent said a meeting was called at Sahara’ s district offices today to explain the features of these schemes and the procedures to be followed in cooperative society. Existing investors would continue in the old schemes, he added. According to soft copies of the application forms reviewed by Business Standard, the new schemes are mirror images of the optionally fully convertible debentures (Foods) issued by the two Sahara entities banned by the capital market regulator, the Securities and Exchange Board of India (Seri). Sahara.A.Select is a four-year scheme which promises a return of “more than 141 per cent of the principal amount in four years." Premature withdrawals are allowed at the end of 24 months, according to the application forms. This is similar to the Norman bonds banned by Seri. Sahara.E.Shine is an eight-year scheme which promises a return of “ more than 226 per cent of the principal" This corresponds to the Abode bonds. Sahara.U.golden is a 15-year scheme offering a return of five times the principal. All these schemes offer a loan against deposit facility and child welfare plans. Under the latter, the children of the deposit-holders are offered brilliancy" certificates. In November, Seri banned two group entities, Sahara India Real Estate Corporation and Sahara housing cooperative society Investment Corporation, from raising money from public through optionally fully convertible debentures under Norman, Abode and Housing bond schemes. Following the April 7 order of the Allahabad High Court, the ban, which covers all Sahara group entities, including Managing Worker Subtract Roy Sahara, came into effect. In addition, the society offers three other schemes, namely a five-year recurring deposit scheme, Sahara S Bhavishya, a 15-year recurring deposit scheme, and Sahara Money, a 10-year plan with monthly interest payments.