Female depositors of Mashel Mahila Co-operative Credit Society have alleged a massive fraud amounting to Rs 18 crore, implicating the society’s directors and staff in the financial malpractice. Nearly 509 depositors are grappling with the deadlock of Rs 18 crore held up in Mashel Mahila Co-operative Credit Society Ltd. The aggrieved depositors staged a protest at Azad Maidan in Panaji on Thursday, highlighting the financial plight they face due to the society’s alleged mismanagement.
Distressed depositors, predominantly women, have come forward to expose what they claim is a systematic embezzlement scheme orchestrated by the very individuals entrusted with the cooperative’s management. The allegations suggest a breach of trust, as depositors accuse the directors and staff of being actively involved in the fraudulent activities.
The aggrieved women depositors, who have collectively suffered substantial financial losses, claim that the fraud has been ongoing for an extended period without their knowledge. They assert that the directors and staff manipulated financial records, misled investors, and misappropriated funds for personal gains.
Several victims have spoken out, expressing their shock and dismay at the betrayal of trust by the very institution that was meant to safeguard their savings and financial interests. One depositor, requesting anonymity, said, “We believed in the cooperative and entrusted our hard-earned money to it, only to realize that it was being siphoned off by those who were supposed to protect it.”
Among the protestors were senior citizens who voiced their distress, emphasizing that their life savings are entangled in the financial debacle. Their impassioned plea is directed towards the government, urging swift intervention to facilitate the withdrawal of their hard-earned money.
The state Registrar of Co-operative Societies had earlier taken action against Mashel Mahila Co-operative Credit Society Ltd based in Deulwada, Marcel, citing irregularities in its operations. The society has been placed under restrictions due to non-compliance with statutory requirements and the failure to safeguard the interests of depositors.
