The “Human Welfare Credit & Thrift Co-operative Society Ltd.” (HWCTCSL) is facing serious issues, including allegations of fraud and absconding management. The society, which operates under the Multi-State Cooperative Society Act, has been the subject of multiple complaints and has been issued notices by the Cooperative Ombudsman. News reports indicate that the management is allegedly absconding and not responding to notices, while also attracting investors with false promises of high returns.
Key Issues and Developments:
- Absconding Management:Notices sent to the society by the Cooperative Ombudsman have been returned undelivered with remarks like “Left,” indicating the management has absconded.
- Fraudulent Schemes:The society is accused of using a multi-level marketing (MLM) model and offering lucrative fixed deposit and recurring deposit schemes, which have been used to defraud investors.
- Legal Action:An FIR has been filed against the society, including those who promoted it, such as Alok Nath and Shreyas Talpade.
- Winding Up Process:The Central Registrar of Cooperative Societies has initiated the winding up process of the society.
- Closure Notices:The society has been permanently closed.
- No Response to Notices:The society has failed to respond to notices issued by the Cooperative Ombudsman regarding complaints.
- Payment of Outstanding Amounts:The society has been directed to pay the amounts due to complainants within 15 days from the date of the order, along with interest.
