Satish Marathe , who was recently elevated to the post of Savrakshak (Chief Patron) of Sahakar Bharati has asked BJP MP Kirit Somaiya to share names of multi state cooperative societies operating ponzi schemes that give a bad name to cooperatives in general and credit co-operatives in particular.
The cooperative arm of RSS Sahakar Bharati also intends putting pressure on the investigating agencies for a quicker disposal of such cases, writes Marathe.
In his FB post Marathe writes ” Kiritji, please share the list/names of Multi State Co-op Societies operating ponzi schemes, with Sahakar Bharati. We will also press for investigation and take necessary steps to protect the interests of depositors.”
Earlier, BJP demanded a CBI probe into the illegal activities of over 1,200 multi-state cooperative societies operating in Maharashtra. BJP parliamentarian Kirit Somaiya said over 1,200 such societies are running nearly 200 ponzi schemes in violation of the Securities and Exchange Board of India (Sebi) rules, he claimed.
BJP leader made public a list of entities that the Sebi has acted against for running ponzi schemes and illegally issuing securities to people.
The Sebi has issued orders against 91 for carrying out unregistered collective investment schemes and 193 have been served notice for issuing securities to people in violation of the Sebi Act and regulations, Somaiya said.
According to Somaiya, the Sebi has taken action against 73 of the entities running ponzi schemes only after the BJP has come to power at the center.
In these columns earlier it was reported that Sahara has also taken co-operative route to grow when RBI and SEBI did not permit it to collect deposits from investors. The MSCA 2002 did not envision such blatant misuse of its provisions leading to mushrooming of ponzi schemes.