My parents had deposited a huge amount in fixed deposits with the Adarsh Cooperative society, Udaipur, Rajasthan. In light of the recent issues plaguing the organization all the funds have been frozen and none of us are getting neither interest nor are able to withdraw the money. I recently saw on your website that the director’s bail has been rejected as well.
The government has requested them to cease their operations and liquidate the firm. The cooperative keeps advertising on their website asking for more deposits. I am confused about the operations of the firm.
Kindly suggest if there is a way to get your deposits back from a failing cooperative bank. Can you suggest any legal procedure for this? Any help will be highly appreciated.
Link to the cooperative: https://en.wikipedia.org/wiki/Adarsh_Co-operative_Bank
I C Naik
Member and Cooperative Society are having a service receiver and service provider and the District Consumer forum helps sort out the disputes between the two.