BHR refund process slow, say depositors

Aurangabad: Even after the arrest of the chairman and the directors of Jalgaon based Bhaichand Hirachand Raisoni (BHR) Multi-State Cooperative Credit Society five years ago, for allegedly duping people of lakhs of rupees, the depositors have been waiting to get their money back.

The process of refund of money is going on but it is too slow, said the depositors. In 2015, the chairman and the directors of BHR Multi-State Cooperative Credit Society, which had 264 branches across India, were booked after they were charged for not returning their investors’ money for which they had offered a 13% annual interest.

According to Nagraj Amarshetty, one of the depositors, he received a refund of 20% his money in 2019. “I am told that I will get 20% every two years. I will get a full refund by 2030. Therefore, the value of the money will remain only one-fifth of what it is today,” Amarshetty said.

Vivek Thakare, who runs a movement for the depositors of the credit society, said that the government has not conducted an audit of the society to examine the misappropriation of money.

The central government had appointed Jitendra Kandare as the liquidator under the Multi State Cooperative Societies Act, 2002. Kandare told TOI that the audit to ascertain the extend of fraud, the details of borrowers, the defaulters and the misappropriation of money which caused the credit society‘s to go into liquidation is underway.

“However, we are going through several roadblocks while conducting the audit as the records are missing,” Kandare said. He added that the CID has attached the properties of the directors of the credit society under the MPID Act.


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