JKV multistate credit co-op society: How innocents are being fleeced (2024)

This is the story of a hapless Naresh, one of the customers of JKV multistate credit co-op society operating in Sambhal district in Uttar Pradesh. As his complaint fell on deaf ears everywhere, he wrote a mail to us narrating his tale of woes caused by an unscrupulous multistate credit co-op society. We produce below his story in his own words so that the concerned authorities wake up and do the needful–Editor

As per discussion we had over mobileon Tuesday( 20.03.2018)evening, I would humbly like to Inform you that there was a Branch of JKV Multistate Credit Co-operative Society at Babrala in Tehsil: Gunnour, Police Station: Gunnour, at the house of Mr Rajkumar S/O Sita Ram at Chandousi Road Babrala District Sambhal (U.P). The registration number of this Society is MSCS /CR / 647 / 2012 with its registered office 225 Sahara Shopping Centre Faizabad Road Lucknow (U.P) – 226016.

The Chairmen for this Society is Mr Gyanesh Pathak, under whom Chairmanship various officer are duping money since a long time, after misleading / giving false statements / false temptation / deceiving / depriving of the persons from their legal right and etc.

The Branch Manager for this society at Babrala Branch at Tehsil Gunnour District: Sambhal, Mr Ankit Sharma, Zonal head for Aligarh Zone Mr R.L. Bhardwaj, D.G.M Mr Manish Kaushal, C.O.O Mr Vagish Misra, V.P Mr Praval Kaushik, Chairmen Mr Gyanesh Pathak and etc. misled me through the various meeting / booklets / pamphlets / other means of communications that the Society run by them can do the business amongst their member without any licence as per the Reserve Bank Of India and accept from their members in the form of F.D, R.D, Loam, Saving account / current account and etc. also. They all told that the society run by them makes the deposited money double within short time and returns within time without any problem.

They all promised that as per the term and condition / agreement and etc. of the society one will get back one’s money deposited just after crossing 18 months in case of F.D for 3 years with 6% interest and just after crossing 30 months in case of F.D / R.D for 5 or 5.5 years with 7% interest by making a commitment to repay the amount along with due interest within at-least 7 days and maximum 30-40 days of applying for maturity.

So due to the misleading statements and etc. made by the officers of this Society as mentioned above, I deposited total Rs.11,92,428/- (Rs. 31,428/- in R.D for 5 years, Rs. 370,000/- in F.D for 3 years and Rs. 791,000/- in F.D for 5.5 years) in this Society on various dates.

Now at the time of maturity, when I applied for repayment of my hard earned money as per the term & condition/ agreements / assurance / commitment and etc. made through the various means of communication as mentioned above, they turned a deaf ear and not returned my hard earned money which compelled me made so many written complaints against them. In spite of reminding them so many times in written and verbal about their commitments and etc.made by them before accepting deposits from me they did not return my hard earned money. They were reminded again and again by me that written complaint would be made by me against them before Police / Local Administration and etc. if they do not return my hard earned money as per the term and conditions / agreements / promises / assurances / written statements and etc. made by them before accepting deposits from me but they turned a deaf ear all the time.

Finally FIR was lodged against them at Police Station Gunnour in District Sambhal (U.P) under section 420 of IPC as per the instruction given by Honourable Nation Human Rights Commission New Delhi on a complaint made by me in this regard. Except to it they were directed to repay my hard earned money by the Ministry of Agriculture & Farmers Welfare / Department of Agriculture Cooperation and Farmers Welfare New Delhi also on the various complaints made by me in this regard.