In a significant development, Cooperative Ombudsman Alok Agarwal has directed Tamil Nadu’s Coimbatore-based Viswadeepthi Multi State Agri Cooperative Society to refund deposit amounts along with accrued interest to a group of aggrieved investors, following multiple complaints of non-payment on matured Fixed Deposits.
The complainants, P. Rajagopal Menon, P. Chandrasekharan, Smt. A.S. Geetha, Chellakudam Sanikutty Chummar, Smt. Lilly Chummar, and Smt. Philomina Varghese, have collectively alleged that despite their investments maturing between October 2024 and January 2025, the Society failed to return their money.
These six complainants together invested a total of Rs 1.24 crore in the Viswadeepthi Multi State Agri Cooperative Society Ltd., Coimbatore. Their individual investments ranged from Rs 5.25 lakh to Rs 58.52 lakh across multiple fixed deposit certificates.
Among them, Smt. Philomina Varghese has the highest stake, having invested Rs 58.52 lakh across 12 fixed deposit certificates. She claimed that although the Society issued her three cheques totaling Rs 47.08 lakh, none were honoured by the bank. Similar experiences were reported by the other complainants — some received cheques that bounced due to insufficient funds, while others received no response at all.
Reflecting the Society’s evasive conduct, postal notices sent by the Ombudsman’s office in March 2025 were returned undelivered, marked “No such addressee,” while emails bounced back and phone calls went unanswered. A hearing was convened via video conferencing on April 25, 2025, where all complainants were present, but no representative from Viswadeepthi Society appeared or responded.
Ombudsman Alok Agarwal observed that the Society appears to have “deliberately become incommunicado or are absconding” and has ceased to function in accordance with cooperative principles. The order directs the Society to refund the amounts claimed by the complainants, along with up-to-date interest, within 15 days. Similar action must be taken for all other claims received by the Society.
Failure to comply may invite further legal action under the Multi-State Cooperative Societies (MSCS) Act, 2002.
The matter has raised alarm among the wider membership of the Society, with many now fearing for the safety of their deposits. Reports emerged during the hearing that the Society is attempting to sell off its properties and assets, a move perceived by depositors as an effort to evade financial obligations.
The Ombudsman has also instructed the Society to submit a compliance report following the refund process.
It has been reported that the Viswadeepthi Multi-State Agri Cooperative Society is registered in Tamil Nadu, but its operations are primarily based in Thrissur and other parts of Kerala.
Several cooperators from Kerala had earlier raised concerns about the society’s alleged irregularities, pointing out that, as an agricultural cooperative, it is not permitted to collect deposits. Now, a large number of investors find their money stuck, raising fears of financial mismanagement.
I am from Calicut. My mother, Brother and one of the relatives and two other known persons of mine are in similar situation. I have traced the residence of one of the Directors Mr. Rajeesh KM who is residing at Kuttyadi.
In Calicut, they are not opening their office now. But the Kuttyadi office is working.
Sent a formal letter to Mr. Rajeesh, Regional Manager Mr. Shyju who is sitting in Kuttiadi Office and the Calicut Branch asking a specific date of returning the amount with accrued interest. Planning to raise the complaint in Ombudsman in the upcoming days.
But I got one doubt. If the directors are claiming that they don’t have money to settle the debts what will be the next action. The people who dare to do this type of frauds may be clever and there may chance of registering all the assets in some other name to show that they are bankrupt