Sahara India Pariwar, an Indian conglomerate with many companies under its umbrella, experienced phenomenal growth in the business for decades. The activities by the conglomerate to raise capital through different means finally caught in the regulator's radar resulting in a years-long litigation and surrender of the Sahara chief. The case provides relevant details to understand the timeline of the events, the role of the chairman, other company officials, and the regulator. The case draws attention to the role of regulators in the capital markets, quality of financial reporting, investor protection, financing vehicles, and corporate governance. The case is written based on the information available in the public domain and other secondary sources.