Indian Cooperative desk receives scores of complaints against Sahariyan universal multiple society and Adarsh Credit Cooperative Society Ltd every month. It is not possible to feature all of them. But from time to time we strive to feature a few so that the concerned authorities remain alerted.
Rajesh Kumar from Nawada Bihar has complaint against Sahariyan universal multiple society. He writes:
Nonpayment of matured amount of Sahariyan universal multiple society limited, branch Nawada in Bihar. I have deposited Rs 5 lac in sahariyan universal multiple society limited on 30th April 2015. After 3 years, I demanded my amount from them but the branch manager of Nawada office has denied payment to me.
Ashok Kumar Chouhan writes about Adarsh Credit Cooperative Society. He says:
Our family members are individual members of Adarsh Credit Cooperative Society Ltd. (Multi state), Registration number: MSCS/ CR/269/2008.
This society is not paying money from our saving accounts and we have ready new maturity of invested money in December 2018 too.
Managing Director of this society Rahul Modi says scarcity of fund. Other sources say Income Tax Department has seized accounts of society for investigation. We are in big trouble as we are not being able to get our own money back from this society.
Sir, can you tell us what the facts are, and would we get our money back?
Or, we have just lost our life time earnings to a fraudulent society? Your reply has immense importance for us.
There are several co-op organizations which are in existence only to dupe people, complain investors. But govt’s lack of will to effect a quick solution and punish the guilty is confusing them. Indian Cooperative have features several cases of blatant cheating by them in past but no concrete action has been taken so far.
Well-meaning cooperators have also voiced their concern from time to time. They feel that because of the misdeeds of a few the entire sector get painted negatively. “We would be too happy if such fraudsters are brought to books”, says NCUI President Chandra Pal Singh Yadav.