The Human Welfare Credit & Thrift Co-operative Society is under liquidation after being declared permanently closed, and a liquidator has been appointed to handle the refund claims of depositors. News reports from early 2025 indicate that the society is facing multiple fraud cases and a police investigation in Haryana, where a key accused was arrested for allegedly collecting investments without a proper license. Depositors with claims are now advised to submit them directly to the liquidator.
Liquidation and claims
- Society is closed: The Human Welfare Credit & Thrift Co-Operative Society is permanently closed and is currently undergoing liquidation.
- Liquidator appointed: The Deputy Commissioner/District Magistrate of the East Delhi government has been appointed as the liquidator for the society.
- Claims should be submitted to the liquidator: All complaints and claims for refunds must now be submitted to the liquidator, not the Cooperative Ombudsman.
Legal and criminal action
- Police investigation in Haryana: The society is under investigation for alleged fraud in Panipat, Haryana, where an FIR was filed against officials and agents.
- Arrest of a key accused: A key accused, a former head for the Panipat region, was arrested in April 2025 and sent to judicial custody.
- Operating without a license: The society allegedly operated without a valid license in Haryana for many years, despite getting a license under the Human Welfare Credit and Thrift Cooperative Society Limited name in 2016.
- Allegations of misusing funds: The accused has confessed that company funds were used for foreign travel by top officials.
- Fraudulent activities: The society is accused of luring investors with high returns on Fixed Deposits (FDs) and Recurring Deposits (RDs).
- Other legal issues: An FIR has also been filed against the society in Lucknow for allegedly duping investors.
