The district administration tightened noose around Jaideva Swayatt Sakh Sahkarita Maryadit (Jaideva Autonomous Credit Cooperative limited), Rajnandgaon, a non-banking financial company (NBFC) after getting serious complaints from public regarding the company’s investment plans. For minute investigation of company’s finance and other legal details a five-member team has been constituted which will submit its report on the activities of the company within 15 days.
Deputy Registrar, Cooperative Institutions, Sl Vishwakarma has appealed the general public not to make investment in any scheme of the company. For a detail probe in to all the functioning of the company a team of five members comprising audit officers PR Deshmukh, PS lonhare, senior Cooperative Inspector SK Yadu, Cooperative Inspector DS Thakur and OP Patel has been constituted and asked to submit their report within a fortnight.
In the order issued by deputy registrar for probe in to the working of Jaideva Swayatt Sakh Sahkarita Maryadit it has been said that the company is asking general public through its publicity to invest in its schemes like monthly saving scheme, one year, two years, three years, four years, five years saving schemes, one time lump sum saving scheme as well as Sadabahar Yojana (all purpose scheme).
On these schemes the company is offering not only attractive interest but also timely return of the money. Company’s schemes include fixed deposit schemes which are in violation of the norms of Securities And Exchange Board of India (Sebi) as well as Reserve Bank of India. This institution can not ask people to invest in its term saving schemes as it has neither State Government nor Central Government’s guarantee. Also, the money deposited under DIGC rule of Reserve Bank of India is not safe.
In fact, the company neither have authorisation nor any security for asking general public it invest in its schemes. Also, Jaideva Swayatt Sakh Sahkarita Maryadit working area is limited to Rajnandgaon town only where it can give and take money from its customer but deceitfully showing its area of operation beyond the Rajnandgaon sahar, it has invited application for 20 posts of manager, 20 posts of clerks, 90 posts of loan advisors, 20 posts of peons (total 90 posts) for areas like Dongargaon, Dongargarh,Chhuria, Ambagarh Chowki, Mohla, Khairagarh, chhuikhadan and others.