Co-op Society in illegal banking dupes investors of deposits worth lakhs

CB takes cognizance of complaints
Nishikant Khajuria
JAMMU, Nov 15: Resorting to unlawful banking activities, a Cooperative Society in Jammu allegedly misappropriated lakhs of rupees of innocent investors, who have deposited their hard earned money with the society.
Taking cognizance of a number of complaints of the duped investors and also from the Registrar Co-operative Societies, J&K, the Crime Branch Jammu has initiated investigations into functioning of this Society. As the preliminary investigation is going on, fraud committed by the Cooperative Society may run into crores of rupees.
Sources in the Crime Branch told the Excelsior that without obtaining mandatory permission from the Reserve Bank of India (RBI), the Rural Development Multipurpose Co-operative Limited (RDMCL) was undertaking the business of banking and credit in Jammu for the past few years.
Through its illegal banking counters/branches in rural areas of Jammu, this Society allegedly collected lakhs of rupees from the innocent investors, who are now running from pillar to post for getting back their hard earned money, sources added.
Being run by one Surjeet Langeh, resident of village Gaidla in Marh block of Jammu district as its Chairman, the Society has around three dozen illegal banking counters in Jammu, Samba, Kathua, Udhampur and others districts.
On the pretext of an authorized bank, the Society used to lure the innocent people by promising lucrative returns on their long term investments. To befool the people, sources said that the Society was displaying the name of Rural Development Multipurpose Cooperative Bank on its illegal business counters.
Sources said most of the duped investors have deposited their hard earned money in the shape of Fixed Deposit with the Society, which is still running its illegal banking business in the rural areas.
Acting on some complaints by the innocent investors, the Crime Branch Jammu is learnt to have initiated investigation into illegal business activities of the Society and also
cautioned the general public to desist from doing any kind of business with the Rural Development Multipurpose Co-operative Limited (RDMCL), which is doing banking without RBI permission.
“This is for the information of the general public that the Crime Branch Jammu is in receipt of complainants from a number of complainants and also from the Registrar Co-operative Societies J&K regarding undertaking the business of Banking/credit and the misappropriation of deposits of the public by the said Co-Operative,” a spokesperson of the Crime Branch said.
One condition of anonymity, a staffer of the RDMCL said that employees of the Society have also not been paid their salary for the months together. “The staff is given targets and whenever we approach the Chairman for our salary, he denies the same by claiming that targets were not achieved,” he added.
Surjeet Langeh, Chairman of the Society, is already involved in a number of other fraud cases, registered at different Police Stations in Jammu, sources disclosed.