The depositors lodged a complaint with the PI Economic Offence Cell at the Altinho office against the Ashtagandha Urban Co-operative Credit Society in Assnora. The complainants, all Indian citizens who had invested their savings in the society, allege severe mismanagement in its operations.
According to the complainants, the society, under the leadership of the Chairman and Board of Directors along with their associates, reportedly mismanaged funds and disregarded established protocols for loan approvals, leading to the misappropriation of invested funds.
Previous attempts to address the issue include a complaint lodged earlier this year and subsequent letters to various authorities, including the Director General of Police, Cooperative Minister, Chief Minister, Dysp/Police Inspector, and the Assistant Registrar of Cooperative Societies in Mapusa. Despite these efforts, no concrete action was taken, prompting the filing of a writ petition before the Bombay High Court at Goa on July 31, 2023.
In response to the court’s directive, the Registrar and Assistant Registrar of Cooperative Societies were instructed to address the petitioner’s complaint, highlighting the urgency of the matter.
Concerns were raised about the possible destruction of crucial documents related to fraud, prompting intimations to the Assistant Registrar and Registrar of Cooperative Societies to take action swiftly. The complainants mentioned that the Administrator had recommended initiating action under Section 123A of the Goa Co-operative Societies Act.
The alleged financial irregularities involve an amount exceeding Rs. 8.00 Crores, marking it as a significant financial scam perpetrated by the accused individuals and their associates. The complainants expressed disappointment over the authorities’ inaction, emphasizing the urgency of the situation and the need for prompt investigation and redressal.
