With intense heat on several Multi State Credit Cooperative Societies (MSCCSs), including Artha Tatwa, these organisations have either put their offices under lock and key or are not traceable.
So, the Registrar of Cooperative Societies (RCS) of Odisha has requested the State’s Department of Cooperation to move the Director of Cooperation in the Union Ministry of Agriculture to liquidate these societies and cancel their registrations.
In the backdrop of the multi-crore chit fund scams in various States, including Odisha, the Director Cooperation of the Department of Agriculture & Cooperation in the Union Ministry of Agriculture on May 29, 2013 asked the Odisha Government to inspect the Books of Accounts of the chit fund companies.
So, the Department of Cooperation immediately asked the Registrar of Cooperative Societies to go in for a detailed inquiry of their Books of Accounts and submit a report immediately.
Accordingly, the Registrar of Cooperative Societies formed a Task Force and conducted inquiry. To its dismay, the RCS found the offices of at least six companies either locked or not traceable at their registered addresses. These six MSCCSs are Atha Tatwa, Rajiv Gandhi Memorial, Utkal, SBl, Sai Kishore and Mideast.
However, the inquiry team conducted inspection of eight MSCCSs and completed its probe. These are EVOS, Micro Finance, Janasahayoga, Sunray, Vista, Specimen, Sai Gayatri and Green India.
In the meantime, the president of the Swastik India Multi State Credit Cooperative Society has informed about the firm’s change of address and requested to conduct inspection, which would be undertaken soon, said sources.
In such a situation, the Registrar of Cooperative Societies has requested the Government to take stringent action against the erring MSCCSs.
While the Economic Offences Wing (EOW) of the Crime Branch police is investigating the chit fund scam, several MSCCSs are under the scanner of the CB CID. The cases of Artha Tatwa are being investigated by the Twin City Police Commissionerate.
Now with the recommendations of the Registrar Cooperative Societies, the defaulting MSCCSs are likely to face liquidation and cancellation of their registrations, feel senior officials.