Vijai: 18 credit societies lost 20 crore in frauds

Porvorim: Fatorda MLA Vijai Sardesai on Tuesday flagged the alleged frauds committed by many cooperative credit societies, resulting in losses for depositors. He said that 18 cooperative credit societies have cheated depositors of about Rs 20 crore.

Replying to Sardesai during a zero-hour mention, chief minister Pramod Sawant said, “It is a serious issue, I will ask police to look into it.” Sawant assured Sardesai that govt would put cases mentioned by him on the fast track.

Sardesai said that he would like to bring to the notice of govt that hundreds of people have been duped by Mashel Mahila Cooperative Credit Society.

“When I held a janata durbar at Bicholim, people from Mashel, Amona, and the surrounding areas informed me about a fraud of approximately Rs 18 crore,” Sardesai said.

The GFP president said that depositors had filed a complaint at the Ponda police station in July 2021 and later at the economic offences cell, Panaji, against the chairperson, the bank manager, and the directors. Sardesai also said the complainants alleged that customers’ investments have been used for the bankers’ personal benefit.

“To date, the culprits have not been arrested. To date, the depositors have not received any justice,” Sardesai said. He added that many of the victims are senior citizens, and all these people met him during the janata durbar.

“I urge the chief minister who is also the home minister to give justice to these investors and all other investors who have been duped by various cooperative credit societies such as Visionaries Urban Cooperative Society in Salcete,” Sardesai said.

The depositors of Visionaries Urban Cooperative Society, Sardesai said, have been fighting for the past three to four years and still have not got their money back. “According to the information given in the assembly, more than 18 credit societies lost Rs 20 crore through fraudulent loans and financial irregularities from 2016 to date,” Sardesai said.