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Rajasthan to Amend Laws to Punish Fraud Credit Cooperative Societies

Rajasthan chief minister Ashok Gehlot said that more than 75,000 complaints have been received against various cooperative societies, which shows the gravity of the issue.

Updated: Dec 23, 2020, 12:42 IST

Rajasthan government will amend relevant laws to enable effective action against credit cooperative societies in the state found duping investors. Chief minister Ashok Gehlot has asked officials to bring appropriate amendments to ensure punishment to criminals and protect investors’ hard earned money.

The CM instructed that the special operation group (SOG) and the cooperative department should take effective action against the culprits to prevent a repeat of incidents of cheating and corruption in cooperative societies functioning. He said that the state agencies should also coordinate with central agencies on this matter.

Gehlot stated that more than 75,000 complaints have been received against various cooperative societies, which shows the gravity of the issue. “We have a dual obligation to send criminals to jail on one side and to restore investors’ money,” he said.

He said home, cooperative, finance and other related departments should develop a system in the state that discourages unregulated (irregular) deposit schemes, thereby putting an end to money-grab schemes run by illegal societies promising high interest rates. He also asked for running an awareness campaign to educate people.

Additional Director General of SOG, Ashok Rathore, said more than 1500 cases related to fraud by cooperative societies are registered with different police stations of the state and the SOG is also investigating several cases.

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