A co-op credit society has stopped interest to depositors who opened a fixed deposit and their office is also closed. What can the depositor do to recover the amount invested in the fixed deposit?
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Co-op credit society not paying interest to depositors
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Quick Summary
Since there is no provision for editing, I would like to clarify that the credit society has stopped the paying the interest they promised to investors who had fixed deposits for almost a year. What are the options available to recover the amount invested, should the investor contact the co-op registrar?
To recover funds from a defaulted and closed cooperative credit society, the depositor should immediately file a formal complaint with the Registrar of Cooperative Societies, initiate cooperative arbitration proceedings, lodge a police complaint / FIR for misappropriation due to closed offices, and consider filing a claim through the Consumer Court or under the BUDS Act for asset attachment.
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