Answering a query from Lok Sabha Member Hanuman Beniwal on cases of misappropriation in multi-state co-op societies, Union Cooperation Minister Amit Shah said that the government is aware of the same and appropriate measures are being taken in this direction.
In his reply Shah said, “A large number of complaints have been received for non-repayment and misappropriation of deposits of investors against some of the multi-state cooperative societies in various states of the country, including Rajasthan.”
In case of delinquent societies against whom complaints are received, action for winding up is taken under Section 86 of the Multi-State Cooperative Societies (MSCS) Act, 2002, Shah underlined.
“Presently winding up proceedings are underway in 77 societies. The Complete details regarding the amount of money misappropriated by the societies, along with the numbers of members who lost their money are not available” said the Minister in his reply.
The LS member also asked about the number of such cases which have come to the notice of the Government and the amount of money misappropriated by the said societies along with the number of investors who lost their money in the process, society-wise.
Beniwal requested the govt to explain the steps taken by the Government in this regard to safeguard the interest of the investors.
Earlier, in a written reply to a question in the Rajya Sabha, Shah had given a list of Multi-State Cooperative Credit Societies against whom the winding-up process under Section 86 of the Multi-State Cooperative Societies (MSCS) Act, 2002 is taken and a Liquidator has been appointed.
In most of these societies, the liquidation process is hampered due to the non-availability of records, closure of society offices, absconding promoters, or being in jail, among others. An amount of Rs. 96.23 crore has been refunded to 43,940 depositors, said the Minister.