A top ranking cooperative official of Punjab has admitted a multi-crore scam involving multi state cooperative societies are cooking in the state. These societies are alleged to have amassed crores of rupees from unsuspecting investors promising them a considerable amount of profit on the amount invested, says a Tribune report from Chandigarh.
The RBI has already declared such banking activities beyond law. Sources say neither the state govt nor the central govt have taken any concrete steps so far to check this fraud.
Inspections by cooperative officials have revealed that these societies are not keeping manual account/cash books and personal/general ledgers. The money is collected from investors directly and sent to head offices. The branches keep no records of such investments. Over a dozen of these societies have been inspected.
Officials of Punjab say as these societies are registered with the dept of cooperation, the govt of india , the state can do nothing in the matter. Police authorities across the state have been asked to prevent people from falling into the trap of these illegal cooperative entities, officials claimed.
Aware of this fraud being organized in a big way, the RBI, says in terms of Central Registrar of Cooperative Societies, acceptance of deposits by MSCS from nominal members will be construed as acceptance of deposit from the public and carrying on banking activity. Accordingly, MSCS are not allowed to accept deposits from nominal members.