Home ODISHA LATEST RCS urges Union Govt to liquidate fraud Coop societies like Artha Tatwa

RCS urges Union Govt to liquidate fraud Coop societies like Artha Tatwa

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OST Bureau
Bhubaneswar, Aug 25

In a recent move, the Registrar of Cooperative Societies (RCS) of Odisha has requested the Department of Cooperation to move the Director of Cooperation in the Union Ministry of Agriculture to liquidate several Multi State Credit Cooperative Societies (MSCCSs) and cancel their registrations, including Artha Tatwa, since these organisations have either put their offices under lock and key or are untraceable, official sources said.

The Director Cooperation of the Department of Agriculture & Cooperation in the Union Ministry of Agriculture on May 29, 2013 had asked the Odisha Government to inspect the Books of Accounts of the chit fund companies in view of the multi-crore chit fund scams in various States, including Odisha.

The Odisha government’s 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 RCS 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 Artha Tatwa, Rajiv Gandhi Memorial, Utkal, SBL, Sai Kishore and Mideast, sources said.

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, sources added.
It may be noted, 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.