- This topic has 5 replies, 3 voices, and was last updated 1 year, 2 months ago by
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MMumbai: A massive COOPERATIVE SOCIETY SCAM.
Bhadvan credit cooperative society. (Not a bank)Hello legal experts, i really need your genuine help!
Does anyone know about this Bhadvan credit cooperative society Mumbai?
They had financial fraud and scams since 2017 and since then they have shut their operations.
Even after 8 long years, there’s no sign of getting our money back.Regulation wise, such societies come under regulation of Ministry of cooperation, maharashtra state… Maharashtra cooperative societies act,1960
There are hundreds of fixed deposit holders like my dad, who made FD and then this credit cooperative society defrauded them.
Yesterday I went their to ask about our money and 2 ladies were there are so rude and did not answer my questions.
They couldn’t even provide me proper registration number of society reg under Maharashtra department of cooperation.
Tell me what should we do?? -
M
Pic of office of bhadvan
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ENAL
>there’s no sign of getting our money back.
It is going to stay as such. You will waste more time and money.
>There are hundreds of fixed deposit holders like my dad, who made FD and then this credit cooperative society defrauded them.
Such incidents have occurred time and again. Lesson for others: Follow the RBI scheduled banks to invest, otherwise you are on your own. There are many shady financial institutions which offer very high rates of interest on FDs, and then later it is revealed to be a ponzi scheme.
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VUnfortunately, nothing can be done about the lost money. You are not going to get that back.
The only thing you and others around you can do is to make sure that you do not put your hard earned money in the cooperative societies, and stick to safer channels of investment.
Lower returns are better than losing your money complely
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MYes I know that.. wish I had known this earlier so I could stop my father.
But what now?? Now I know how risky n shady it is.
I need advice on the recovery process of this lost money since 8yrs.
I was small 8yrs ago… I could not understand anything about this crooks. But now I want to pursue this legally and make them pay for their sins-
VSorry to sound so cynical, but nothing will happen and nobody will pay.
You know the situation of financial frauds in the country. Also, do some research on the number of cooperative bank and cooperative society failures, and how many convictions have happened out of the investigations.Look at what has happened in the sector in Kerala, and how many people have lost their life savings.
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