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.
