PANJIM: A large number of people from Majorda on Thursday approached the Economic Offences Cell (EOC) demanding immediate action against the Managing Committee of the Visionaries Urban Co-operative Society (Head Office) for allegedly siphoning off their investment.
The villagers alleged that they were assured of good returns on their amount deposited with the Society and as such opened fixed deposits. However, they now feel cheated as the society claims they are running short of funds.
“On maturity of the FDs the investors approached the said society for encashment. To their shock and surprise, the manager of the society informed that they do not have sufficient funds in their accounts claiming they invested the money in land properties. The society, however, failed to give details of the said properties purchased by the Society,” the complaint copy states.
“To pacify some investors, the society has issued some cheques. The cheques issued by the society are dishonored for want of sufficient funds in their accounts,” it added.
The complainants have alleged that the society has not deposited the amount collected from the consumers to the Electricity Department and PWD, Margao; also that the amount collected from the consumers toward the payment of their respective bills.
“The managing committee along with the chairman of the said co-operative society has conspired to cheat the investors. The chairman and all the members of the society have accumulated the wealth at the cost of the investors,” the complainants said while also blaming the police for failing to take action despite repeated complaints.
The investors earlier also complained to the Registrar of Co-operative Society Margao demanding action. The EOC has said they will inquire into the matter.
