An epidemic of illegal activities of multi-state cooperative societies seems to have hit Odisha. The RBI has said it has information about several such cooperative societies operating and accepting deposits from people in the state.
The apex bank has urged the Odisha govt. to raise awareness among the people about their dubious activities and take stern action against them under the protection of interests of depositors Act, 2011.
As directed by the Supreme Court , special investigation team of the CBI is already probing the multi-crore chit fund scam in Odisha.
The total amount involved in the scam is Rs. 4,600 crore in the state. Sources claim nearly a million families belonging to the low income groups are affected by the scam in the state.