Bhubaneswar: After receiving complaint from 85 depositors against the Sahara Group, the state government initiated process to take action against the three societies.
The duped depositors of Sahara Credit Cooperative Society Ltd, Humara India Credit Cooperative Society Ltd and Saharayan e-multipurpose Cooperative Society Ltd (all three are sister organisations of Sahara Group)have filed complaints to the government against the societies.
After receiving the complaint, Registrar of Cooperative Societies (RCS) has written a letter to Cooperation Secretary requesting the later to move Centre for taking action against these three firms.
All the three are registered under the Multi-state Cooperative Societies Act 2002. They are functioning in the State opening several branches, engaging franchise and collection agents.
“These societies are collecting huge deposits from the members and nominal members by floating different schemes with attractive return. These societies are investing their deposits in Sahara India. Several Complaints have been received and are being received that the branches of these societies are not refunding to the depositors the amount after maturity of the investment,” read the letter.
As per the complaints, the matured amount is reinvested in the same branch of the society, thus making it a paper transaction. As a result the depositor is deprived of the real benefit of his/her savings.
As per revised norms, a multi-state cooperative society can receive deposits from its voting members only. But, the concern person has to apply in prescribed form and application is approved by the board of the multi-state cooperative society.
In the above three societies, government has found that they have fixed Rs 20 as the minimum shares.
In most cases the depositors in Odisha are not aware that they are members of that society. The officials of the branches manage to show them as members in their records, the RCS said.
Though the Centre has authorised RCS, Odisha to inspect the multi-state cooperative societies, the Sahara India branches do not cooperate in the inspection.
“No power has been given to follow up the actions to be taken after inspection rendering the inspection toothless,” he said.
Under the above backdrop, the Registrar urged the Cooperation secretary to move the Central government to issue direction to the branches in Odisha of these societies to implement its suggestions.
The RCS suggested to deposit matured value of the depositor to his/her bank account and the minimum share value to be a member of the above three societies may be raised to Rs 5000.
“In no case, there shall be any engagement of franchise for expansion of business as the multi-state Cooperative Act and Rules do not have such provision. A limit to the no of members in a Society for effective management be prescribed,” he suggested.