Varsha Khandelwal from Bharatpur in Rajasthan is a desperate depositor with Adarsh Credit Cooperative. She has written letters to all media houses including us to get her justice. As her tale of woes is touching, we publish her letter verbatim to make the concerned authorities wake up and take note-Editor
Dear Respected Authorities,
This is very painful and extremely disappointing to inform that a registered society from Rajasthan named Adarsh Credit Co-Operative society is doing loot and cheating innocent customers like us on the account of fixed deposits without disclosing terms and conditions. They are mis-selling FDs to lure customers.
When we approach them to break our FDs to take our money, they don’t wish to return the same and threaten to deduct huge amount (more than 60%). I have sent mails to them many times but the Adarsh society management never reverts. (mail trail is attached).
It is not so that I am a lone victim, there are hundreds and thousands of us who are not getting money from Adarsh society. I am attaching newspaper cuttings as some media persons approached me to know the truth.
I wish to inform the authorities Adarsh may have collected multibillion amount of public and is not returning the same to them. We depositors don’t know what is there planning. This is certainly something concerned Authorities should look into.
I had invested hard earned money spanning many years and the total sum is 6.5 lac in their organization. There are 2 deposits, one of 5.5 lac done in September 2017 in triple scheme & after that I had deposited one lac in bitiya samrida in March 2018. This was invested considering my principal investment will come with excellent ROI. It’s the saving of life.
I have given a cheque of 5.5 lac but they did 10 FDs. On my objection they argued there will be zero loss on prematurity and I may take money back without any penalty. They cheated me by giving false promises.
Now they are deducting more than 60%, when one goes to take back the money. They never disclosed this while opening the FD accounts. It was neither there in the FD opening form not mentioned on the bond paper. I have not heard such policy of deduction ever in my life; it’s a clear cut case of cheating the public!
Their commission structure and incentives are also intriguing. Everyone invests money for returns. However, they have kept the money for more than one year and then when they return they deduct high (% average ) charges on refund instead of paying interest.
From last couple of months I am struggling with money related issue and my parents are not keeping well…my father is having heart related and other health issue as he is 72 years old for which I require funds and want to break down my investment with Adarsh Credit Co-operative Society Ltd
Due to this my entire family is in a shock. We are stressed to the highest level as we had invested all the savings into Adarsh. We need our money back as we require them for medical emergency as father’s heath is going bad day by day.
Kindly take up the matter and help. We are expecting positive response from the authorities. I believe that justice still prevails in the system. I am expecting that my grievance would be addressed.
I exhort you to ask and direct the society to refund my principal amount, if not the interest.
Thanks & Regards
Varsha Khandelwal
Bharatpur (Rajasthan)