I am from Karimnagar of Telangana state. I have deposited 100000 (Rs.one lakh ) in my name and Rs 3 lakhs in my family names.(Total put together is 4 lakhs) this diwali.
I see today in the internet (https://www.indiancooperative.com/banks/adarsh-credit-modis-try-to-silence-critics-by-serving-legal-notices/) there a serious fraud took place in this society.
Please answer :
1) if there is a serious fraud allegations where both MD and CEO are accused of fraud, how come they are allowed to take new deposits at my place in November-2018 .If this is a mistake, can we do something from our end to make people aware of not falling prey to them.
2) We will try to withdraw our deposits immediately, but what if they do not return? What can we do?
I C Naik
Credit society has been held to be a consumer service provider to its depositors. There is an Indian Act called Consumer Protection Act 1986 under which every district has a Consumer Court to go in to complaints of deficiency in service to consumers by service provider. You can approach your district Consumer Court.
