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The arrest of Subrata Roy, Sahara Group chief, has been received with shock and embarrassment in a rather unlikely part of the world — Macedonia.
Last year, this small Balkan country of 2 million people located to the north of Greece had laid out the red carpet and welcomed the controversial Indian businessman as a saviour of its weak economy. The Republic of Macedonia has a record unemployment rate of 30 per cent, with every third person living in poverty and is eager for foreign investment.
And Roy made three trips — in January, July and October 2013 — with his entourage and announced big plans as he rubbed shoulders Macedonia believed Sahara chief was India’s return gift for Mother Teresa with Prime Minister Nikola Gruevski and other top government ministers.
He said he would invest a whopping 2.7 billion euros in businesses in Macedonia in the next five years, which would include building a ‘Las Vegas’ and bringing 20,000 cows into the country.
Roy also argued that fraud and debt allegations against Sahara in India and reports about its financial condition were all fictional and had nothing to do with planned investments in Macedonia. The ‘Sahara India Parivar’, he claimed, was worth 22 billion euros and had one million employees.
The Macedonian government presented him as a very human businessman who wants to help the poor because Mother Teresa, who was from the Macedonian region, helped a lot of poor people in India. Macedonians believed Roy’s nice-sounding promises and thought their government had finally found a great investor who would save the Macedonian economy.
But news that he has been arrested and sent to jail in an alleged fraud case has come as a shock. “If it’s too good to be true, then probably it isn’t,” has been the first reaction of many people on social media networks.
Government officials, who were eager to be photographed with him, have gone silent after he was detained. The Macedonian government had no comment about his arrest and asked reporters to demand answers from Roy’s firm in India. Roy’s office in Skopje said his plans to invest in Macedonia remain despite the new situation.
“I love this country and that is why I’m here. I came with a large delegation but there is much work ahead to start. Things grow, and I can say that I’m