Co-op Credit Society
Querist :
Anonymous
(Querist) 30 July 2011
This query is : Resolved
Dear Sir,
My Family had once invested around Rs. 4 Lacs with a Credit Co-Op society (Jineshwara Co-op Credit Society headquartered in Andheri E, Mumbai).
This Society wound up operations in 2001 due to a credit crunch and as obvious we were all duped of our money.
No significant headway was ever made to recover the money, as most of the investors belonged to the lower middle class and were relatively unaware of any legal recourse available.
The person in charge of this Credit Society defied all self respect and after his fraud the first time still managed to resume operations and further asked the old investors to invest again explaining that he required their support, in terms of capital, to bring the old loan defaulters to task.
The unsuspecting and naïve people again fell prey to this fraud.
This person then collected the second round of loot money and has disappeared ever since.
I do understand the mistake we made the first time and hence refrained from ever again investing in these credit co-op societies.
My query – Is there any way I can recover my money and bring this fraudster to task.
I would also appreciate any information on the governing body regulating these Credit Co-op Societies.
The registration details on the passbooks provided start as follows: BOM/WKE/RSR/CR……………..
Isaac Gabriel
(Expert) 31 July 2011
Before investing your hard earned money,think
twice and be sure of the safety and guarantee for the investment.Not only this is an isolated case hundreds and thousands of investors have meted out with this type of disappointments.Having lost faith in private investors, people thought Cooperatives are betterplaced. Unfortunately, the coops are the abode for the have-nots and political influence are cornering its funds collected from investors by lending micro-credit,small business, etc.
Querist :
Anonymous
(Querist) 31 July 2011
Does not anybody have answers to queries like this and does our government issue licences to anybody entitling them to flash out registration nos. and assure people of their government recognition.
Is our Government encouraging these frauds to con the gullible?????
And, are we the people left with no alternative other than to fold our hands and accept this apathy.
