Several multi-state credit cooperative societies operating in Orissa are involved in illegal chit fund and money laundering activities. And an irate Odisha govt. has called upon the central govt. to take strict action against the erring cooperative societies.
Sources say the dept of cooperation of Odisha has sent a formal letter to the dept of agriculture and cooperation of the union govt. calling for a thorough investigation into the financial irregularities of the cooperatives.
Earlier during an inspection of the suspected cooperatives conducted by registrar of cooperative societies, Odisha it came to light that these cooperative societies were doing things in a flagrant disregard for the laws and norms governing cooperative organizations, said official sources.
More than a dozen of such cooperatives had been carefully looked at in order to check if their activities were legal or not. All of them were found indulging in violation of norms and rules. Many of these cooperatives were non-existent in their registered addresses.
The registrar of cooperative societies , Odisha says most of the cooperatives were fake and a few of them were carrying out highly irregular transactions.
