Breaking its silence over the multi-crore chit fund scam perpetrated by various Multi State Cooperative Societies (MSCSs), the Union Government has asked the State Government to carry out a fact-finding inquiry and present a detailed report on these organisations.
In his communication to Secretary of Cooperation of the State Government on May 29, Director of Cooperation in the Union Ministry of Agriculture & Cooperation (MoAC) DN Thakur has directed to initiate probe into the scam by the Registrar of Cooperative Societies (RCS).
Acting upon this advisory, State Commissioner-cum-Secretary of Cooperation Bishnupada Sethi has asked the RCS to undertake investigation without wasting any time, said official sources.
While an MSCS, Artha Tatwa, has caused havoc in the State by duping the hapless investors, the Union Government has authorised the RCS, Odisha to conduct detailed inspections of the books of accounts and other documents and send a detailed report on the number of members, amount deposited and outstanding dues of this entity.
The Union Government has also authorised the RCS to take whatever action as may be required to protect the interests of the depositors and members, who have been duped by the society and its promoters, including freezing the bank accounts.
This apart, the MoAC enclosing a list of 16 MSCSs registered in the State till May 28, 2013 has asked for a detailed report after carrying out the fact-finding inquiry to ascertain the operational status of these societies, taking into account their business operation, membership position, compliance with statutory provisions, etc.
The MoAC’s list includes MSCSs like Artha Tatwa, Green India, Utkal, Swastik India, Mideast, Jansahayog, Specimens, Sai Gayatri, Sai Kishore, Rajiv Gandhi Memorial, Suraj, EVOS, Micro Finance, Vista Credit and SlB Multi State Cooperative Society ltd.
These MSCSs were having websites displaying information on their operations in other States too.
Of late, some of these MSCSs have wound up their websites and deleted contact details from the web, said an official.However, the MoAC, which issues certificates of registration to these entities, was in deep slumber without being bothered about the activities until the chit fund scam unfolded in a big way in West Bengal and later in Odisha, where lakhs of depositors have been duped, rued a senior officer.