Most of urban cooperative societies in Nagpur district have failed to pay money they owe their thousands of members. The societies have cheated investors most of whom are senior citizens out of their life savings.
A Shiv Sena member recently raised the issue in the legislative council urging the govt to take urgent steps to deal with the situation. The Shiv Sena MLC called for a thorough investigation by the crime branch and strict action against the erring directors of the cooperative societies.
However, the state cooperative minister claimed in most cases the board of directors had been dismissed and administrators appointed, he said. The department of cooperation had audited the societies and lodged police complaints against the guilty, taken steps to recover money from those who had taken loans from the societies, added the minister.
Sources confirm the beginning of criminal cases against 74 directors and 3 employees of the societies. Some investors could be paid their money if the guilty men are compelled to cough up, sources point out.
There should not be any place for corrupt cooperators. They are the ones who have derailed the cooperative movement by robbing members off their faith in the unique business model called cooperative.The harsher the punishment for them the better!