human welfare credit & thrift co-operative society news

The Human Welfare Credit & Thrift Co-operative Society has been involved in multiple news stories, including an FIR for alleged fraud and the opening of new branches. 

Fraud allegations

• An FIR was filed against the society for allegedly defrauding investors with false promises of high returns. 
• The society used a multi-level marketing (MLM) model to attract investors. 
• The society promised investors that their money would be returned on time, and that they would receive a referral bonus for bringing in more investors. 
• The society stopped paying investors their promised returns and incentives in 2023. 
• The society’s management claimed that the issues were due to “system upgrades”. 
• The society’s owners then stopped communicating with investors. 
• Multiple people filed complaints with the police.