Fake co-ops: Uttrakhand govt to ask Central Registrar for action

Uttrakhand govt has decided to tighten the noose around fake co-op societies which collect money from gullible members by posting misleading advts, says a report of The Statesman.

The state govt has discovered that there are several co-op societies which have no valid address. At least 12 co-op societies are under the gpvt lens, said a source.

The state govt has decided to from a special force on the lines of Economic Offences Wing to tackle the situation. It is also mulling taking necessary steps amend Uttarakhand Protection of Interests of Depositors Act (PID Act).

They have also decided to inform the Central Registrar to cancel the registration of such fake co-op societies. RBI is also being involved to launch awareness campaign on PID Act in the state.