Scores of depositors who had put their money in cooperative credit societies in Maharashtra are not able to recover their money from them.
The problem has arisen out of gross irregular transactions committed by directors and members of these cooperative societies, reports Times of India.
There are about 200 cooperative credit societies that are affected by financial frauds.
Minister of state for Cooperatives Dadaji Bhuse has assured the state assembly that the state govt. would soon put in place a regulating body to oversee the functioning of these cooperative societies. The govt has already arrested 1,262 people from 182 societies, he said.