Fraud credit society!!! experts need help
Mohammed Rizwan Shaikh
(Querist) 20 November 2011
This query is : Resolved
We (Applicant 1 & 2) would like to bring this to your notice that we had taken a loan of Rs. 50000/- from Sunder Co-Operative Credit Society, Halav Pool Branch (Mumbai). We were informed by the executive that we will have to deposit 25000/- and take 50000/- and the rate of interest will be calculated on the 25000/- only from the said society. We were alos informed that you will be provided with the Share Certificate and also would be eligible for the lucky draw of Maruti Van. We, agreed to the terms and received the amount with the deduction of the first EMI and the stationery charges. Later, when we were not provided with the Share Certificate we approached the Manager and inquired about the loan again. We were shocked when he said that the interest will be charged on the full amount of Rs. 50000/- which means that we have to pay interest for our deposited amount, which was unbelievable and unacceptable for us. If we deposit some amount in bank, the bank pays us the interest and that’s how it works. We denied paying EMI’s and approached the Chairman of the Sunder Co-operative Credit Society.
We informed the Chairman Mr. Arun Jadhav that we have been duped by your Executive and the Manager, thus we deny paying the EMI’s and also asked for the return of our deposited money 25000/- respectively. After our discussion with Mr. Jadhav, he said that you will have pay Rs. 50000/- resp. and we will return your 25000/- to each of you. Later he suggested that what you can do is pay 25000/- resp. and close the matter. We agreed with Mr. Arun Jadhav and started paying the balance amount of 25000/- in parts and paid the full balance amount of Rs. 25000/- respectively as we were not in a position to pay the whole amount in a single shot.
Applicant 2, didn’t inform his parents about the loan amount, due to the fear of being scoldings, he used to keep his receipts of the payment with Applicant 1 who was residing Mumbai too.
As the matter was closed we tried to approach the said society in order to get the statement of the paid amount. We were informed by the local people that the bank has been closed as Mr. Arun Jadhav passed away due to financial crisis and bankruptcy so there’s no one to run the said business.
Now in 2010, few people got up and started harassing us by demanding the money from us. We are being asked to pay 75000/+ each. As the Witnesses 1 & 2 works in BMC school, they have started sending notices for the deductions from their salary. They even started deducting Rs. 1500/- from Witness 2 salary. Applicant 2 went to Applicant 1 in order to get receipts of the payment done to Mr. Jadhav, but unfortunately the Applicant 1 was residing in the low lying area of Kurla which was fully drowned on 26th July 2005 and they lost all the documents alongwith many other valuable things.
We were not the only one who were duped by the said society there are many people too. You can also find the information of the fraudulent activity of the said society on the website www.consumercomplaints.in and www.consumercourt.in
Kiran Kumar
(Expert) 20 November 2011
the question is do you have any written agreement or some other relevant document to prove your part.
certainly the cooperative society has flouted the rules and regulations of RBI.
consumer courts may not come to your rescue in such matters.
Kiran Kumar
(Expert) 20 November 2011
since the bank has been closed and if the limitation period for recovery has gone then better give a complaint to the police, so that you can be saved from an undue harassment.
Shonee Kapoor
(Expert) 20 November 2011
Agreed with expert.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
prabhakar singh
(Expert) 21 November 2011
yes, i do agree experts query reply
M V Gupta
(Expert) 21 November 2011
one thing is not clear from your narration. You have stated that in 2010 few people got up and started harassing you. who are these people and what is their locus standi to make demands against you? Further if you have made the payments to the credit society by cheque you can rely upon the debit entries made in your bank accounts. Finally you may lodge complaint against the persons who are harassing you, as usggested by the experts above.
Mohammed Rizwan Shaikh
(Querist) 22 November 2011
Many thanks for your reply experts,
As per information received, there's a merger between 2 credit societies and they are recovering now. Late Mr. Arun Jadhav, the chairman of the fraud society has incurred a debt of 1 cr. plus in the market and the merged firm is trying to recover it which is the credit society has merged the fraud society to the running credit society.
Gupta ji, all the transaction were in cash. I do understand that if there would have been any cheque transaction then I could have procured the details from the bank but unfortunately it was in cash.
However, the said people said that section 101 recovery order has been passed to recover the money.
How can we quash the Section 101 order as these people had already started deducting the money from the Witness 2 accounts who is a BMC teacher?
And how can we refrain the said people from deducting the Witness 1 account as they have 101 order?
Any remedy available?
