Large no of complaints against multi-cooperative societies for misuse of investors deposits

Cooperation Minister Amit Shah replied in affirmative when asked whether the government is aware that multi-purpose cooperative societies set up in various states have misappropriated investor’s money.

The government on Tuesday said it has received a large number of complaints against some multi-cooperative societies for misappropriation of investors’ deposit.

In a written reply to the Lok Sabha, Cooperation Minister Amit Shah replied in affirmative when asked whether the government is aware that multi-purpose cooperative societies set up in various states, including Rajasthan, have misappropriated crores of rupees of investors.

“A large number of complaints have been received for non-repayment/ misappropriation of deposits of investors against some of the multi-state cooperative societies in various states of the country, including Rajasthan.

“In case of delinquent societies against whom complaints are received, action for winding up is taken under Section 86 of the Multi-State Cooperative Societies (MSCS) Act, 2002. Presently winding up proceeding is underway in case of 77 societies,” he said.

However, the minister said complete details regarding the amount of money misappropriated by the societies, along with the numbers of members who lost their money, is not available.

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