The Human Welfare Credit & Thrift Co-Operative Society Ltd is a credit co-operative society with multiple branches in Delhi, registered under the Government of India, that aimed to provide financial services like deposits and loans to its members. However, there are widespread reports from depositors and legal notices indicating that the society has allegedly engaged in fraud, ceased operations, and is under investigation for absconding with members’ money. As a result, many investors have been unable to retrieve their savings, and authorities are taking action to address the issue.
Nature of the society
- Purpose: To help its members achieve financial goals through self-help and technology-driven financial services.
- Services: Offered deposit accounts like recurring, fixed, and monthly deposit accounts.
- Structure: It was a registered co-operative society regulated by the Government of India.
Allegations and current status
- Allegations of fraud: Numerous reports suggest the society has defrauded its members, and the organization has reportedly ceased operations.
- Legal action: The Central Registrar of Cooperative Societies has issued notices regarding the society, with actions planned for potential winding up.
- Complaints: Depositors have filed complaints and are holding protests, seeking the government’s intervention to recover their money.
- Government notices: Official notices from the Central Registrar of Cooperative Societies and the Cooperative Ombudsman confirm that legal proceedings are underway.
- Investor impact: Many investors claim to be unable to get their money back, and a significant amount of money is reportedly involved.
