Kolkata: A senior citizen, Sheela Mehta, has raised a grave concern regarding the non-payment of her matured fixed deposits (FDs) with the Steel Authority of India Employees’ Cooperative Credit Society Ltd. (SAIECCSL), Kolkata, a situation that has left many members, especially senior citizens, in distress.
Mehta, who had invested Rs 10 lakh in two fixed deposits, alleges that despite the maturity of her FDs—one in July 2024 and the other in September 2024—the payments have not been made. Both deposits are overdue by 3 to 4 months.
In a letter addressed to the authorities, Mehta highlighted her repeated attempts to contact SAIECCSL through phone calls, emails, and written reminders, yet all efforts have yielded no results. The senior citizen also shared that she had learned through fellow members of the society that the Board of Directors (BoDs) had misappropriated the society’s funds, which included siphoning off reserves meant for members, resulting in the delay in payments.
Mehta’s complaint detailed the following overdue FDs:
FD No. 442, dated 27/07/2021, for Rs 5,00,000, matured on 27/07/2024.
FD No. 454, dated 16/09/2021, for Rs 5,00,000, matured on 16/09/2024.
Despite sending multiple reminder emails and letters, Mehta states that she has not received any satisfactory response regarding the overdue payments. According to her, SAIECCSL’s failure to honor payments has been ongoing for several months, with members being deprived of their rightful dues since at least April 2024.
Disturbingly, Mehta claims that the BoDs, who have held their positions for decades, have allegedly misused the cooperative’s funds, leading to a shortage of cash reserves. This has raised alarm among the society’s members, particularly senior citizens who rely on their FD interest for their livelihood. In light of these circumstances, Mehta has requested an investigation into the matter and action against the responsible individuals to ensure the welfare and financial security of the affected members.
This situation continues to cause anxiety and uncertainty among the elderly members of the cooperative, who fear the loss of their hard-earned money and the stability it provides to their families.
