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SSo we had fd for 2 years in this cooperative society, and now the fd is matured..but the society was already in financial crises..we got to know that the secretary of that bank (society) is missing and other staffs are telling currently, there is no money in this bank because they started a supermarket somewhere (ig the directors) and that supermark is in crisis..so now bank has no money to give back to the customers.. luckily mine was just 4lac but others had more than 1cr (almost more than 50 customers as ik, maybe there would be more too)..it’s too sad to hear their stories, one guy had to build his house so he deposited the money here but now it’s all gone and he is unable to build his home and that money was actually a home loan given by another bank, and another story was, they had this money for their son’s education and he wanted to study from abroad and all, but due to this issue they also lost their money and hope, so that guy dropped his dream to study from abroad (that’s too sad that someone is dropping their dream, no forced to drop his dream)..so I did stalking on the secretary’s profile and I got to know that he follows a man who is actually one of the member of board of directors of a reputed city service coperative bank..and this secretary guy (who is missing) still likes the posts of this board of member’s (that bank where he is a board of member actually that bank refused to help this society).. now it feels a bit fishy that is that bank’s board of member is also involved or not in this society’s downfall?? If he is involved then this is a serious money mafia issue.. So do you think is there any possibility to retrieve our money!?..We customers already decided to go to highcourt, but this is a civil case so idk maybe this case can run upto 20 yrs or something, and then getting our money back is all not gonna happen ryt?!..so is there any way..pls help ASAP
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BNAL-
### 1. You and the other depositors have a right to demand your money back, and there are legal options available-
#### a) **File a Police Complaint**
The fact that the **secretary is missing** and the **society has no funds** raises concerns about **fraud, embezzlement, or criminal mismanagement**. You should file a **FIR (First Information Report)** immediately with the local police. Mention that-
a) The cooperative society has defaulted on its financial obligations.
b) There are suspicions of **fraudulent activities**, such as using the funds for personal ventures (the supermarket) without proper authorization.
c) The **secretary’s disappearance** raises questions about potential **criminal involvement**.The police can investigate the **financial crisis** and **mismanagement** of the society’s funds. If criminal charges are found (e.g., fraud, embezzlement), the authorities can bring those responsible to justice.
#### b) **File a Complaint with the Registrar of Cooperative Societies**
In addition to the police, file a **formal complaint** with the **Registrar of Cooperative Societies** in your state. The registrar has the authority to investigate financial misconduct and the mismanagement of cooperative societies. Given that this is a **cooperative society**, they are required to follow certain rules. If there is clear evidence of fraud or mismanagement, the registrar can:
a) Take control of the society’s assets.
b) Initiate legal proceedings to protect the interests of the members.### 2. **Legal Actions You Can Take**
While you’re considering heading to **High Court**, there are more focused ways to pursue your claim.#### A) **Consumer Court (District/State/Consumer Redressal Commission)**
If the society has defaulted on returning the FD money, you can approach the **Consumer Forum** for **breach of contract** and **deficiency in service**. You can demand:
a) Refund of the amount deposited, with interest.
b) Compensation for the hardship caused, including emotional distress (in extreme cases).
c) In cases of fraud or wilful negligence, you can also claim **punitive damages**.d) Consumer courts are generally **quicker** than civil courts and do not involve the lengthy process that might take decades. If the case is filed correctly, the outcome can be **favorable within a few years** (as opposed to 20 years in a civil court).
#### B) **High Court (Civil Case)**
If you and the other depositors decide to **approach the High Court**, you can file a **writ petition** against the cooperative society for violating your legal rights. However, as you mentioned, civil cases tend to take **longer**. While **High Court** might take years to resolve the case, you can request an **interim order** to freeze the society’s assets and **prevent further movement of funds**.#### C) **Criminal Complaint and Investigation**
Since there are clear signs of **mismanagement and possible fraud**, a **criminal case** can be filed-
a) Under **Section 420 (cheating)** and **Section 406 (criminal breach of trust)** of the **Indian Penal Code (IPC)**.
b) If fraud or embezzlement is found, criminal action can be taken against the secretary and other board members of the cooperative society. This can result in **severe penalties** including imprisonment.You can also approach the **Economic Offences Wing (EOW)** if you suspect this is a large-scale financial scam.
### 3. **Involvement of the Reputed City Bank**
If you have evidence linking a member of the board of directors of another cooperative bank to the financial mishandling of the society’s funds, you could present this to the **police** and **authorities** for further investigation.This is a key part of the case if it’s proven that a **bigger financial network** was involved in this scheme. If the evidence is strong, you could bring this into your **criminal complaint**.
### 4. The chances of getting your money back **depend on multiple factors**, such as-
a) Whether the cooperative society has any **assets left** or whether they’ve been used improperly.
b) The **speed of the investigation** by the police and the **Registrar of Cooperative Societies**.
c) How quickly legal proceedings move, which might be slower in civil cases but can be accelerated if fraud is involved.If the cooperative society has no funds, it might be difficult to recover the money immediately. However, **compensation** for the loss and **punitive action** against the guilty parties might still be possible.
### 5.
a) **Organize** with other victims. Group action is much more effective than individual complaints.
b) **Consult a lawyer** with experience in **cooperative society law** and **fraud cases**. They can help guide you through the process and ensure you have the right approach.
c) **Stay vigilant** and monitor the police and legal processes. This kind of case requires **active follow-up**.### 6. While this is a serious and stressful situation, you should also take care of your **mental health**. This is a lot to handle, especially when you’re dealing with financial loss, betrayal, and legal battles. Reach out to a professional if you’re feeling overwhelmed.
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SActually it’s been a year..these bank staffs has been manipulating the customers that if you guys tells about this issue, then this will become a huge issue then you won’t get any money back ..so now almost everyone knows about the issue..and it’s on newspaper as well..so those who took loan from this society also decided that they won’t payback any penny from now own..and we did filed a complaint in coperative registar..i guess he did started the investigation..but we didn’t filed any FIR..and we didn’t know that we can approach through consumer court as well..
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