"It started as a political vendetta against us in 2005, and thereafter it became a chain reaction. First RBI took actions against us in 2008 and thereafter Sebi clamped down on our businesses," said head of diversified conglomerate Sahara group that has presence in entertainment, real estate, financial services and hospitality businesses, among others.

Speaking to PTI over telephone, Roy said that the other businesses of Sahara group were getting affected because of Sebi's actions, but he was ready for a "fight to finish" and confident of the matters being resolved in due course.

Roy was summoned by the market regulator Sebi yesterday to ascertain details of his personal and two company assets that could be sold to generate over Rs 24,000-crore worth funds required to be returned to the investors.

Sebi has charged Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) of "various illegalities" in raising these funds. The Supreme Court has asked Saharas to return this money to over three crore bondholders, while Sebi has been asked to facilitate the refund after verifying genuineness of the investors.

A combative Roy claimed that his group has been target of personal vendetta by "certain" officials from RBI and Sebi.

Sahara chief further said that 60% of his time has been wasted in fighting Sebi in last two years, which could have been otherwise utilised for "some constructive work".

"We have suffered a lot because of this," he said.

Asked whether he felt victimised, Roy said: "Definitely, we are. We have been the target of Sebi for no reasons." He, however, ruled out any political conspiracy at play in the current scenario and said that the politics was at play in problems created for his group way back in 2005.

"Today, the issues being raised against us do not appear to be linked to the original political matters of 2005," he said, but refused to specify what those issues were, saying it was an old matter and should not be raised at this time. Roy has often been described as being close to various political leaders, especially those from Uttar Pradesh.

He also denied the allegations of his group companies being used to launder the funds of rich politicians and others and dared the "entire system" to prove even one case of fictitious investor accounts or money laundering.

After appearing before Sebi last afternoon, Roy told the waiting reporters that his personal assets were worth only about Rs three crore and he had no immovable properties.

Roy, who generally keeps away from direct media glare and has been lately communicating his and group's views through full-page newspaper advertisements, surprisingly talked at length to the mediapersons, who had gathered in large numbers outside the Sebi headquarters in Mumbai.

PTI