TIL Desk/Business/Mumbai/ Alleging irregularities, the Central Registrar of Cooperative Societies has sought a probe by the Serious Fraud Investigation Office (SFIO) into investments made by four cooperatives associated with the Sahara group from over Rs 86,600 crore collected by them, but the credit societies refuted the charges and said all their investments have been made as per the law.
The societies also said they have contested the allegations at the “appropriate forum”. In a letter written to the corporate affairs ministry, the Registrar said it had received more than 15,000 complaints from depositors and members of the four credit cooperative societies — Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd.
The Registrar said it summoned the management of the four societies and found after its further probe that all the four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
