NT Reporter
Panaji
The legislative session on Thursday saw allegations of systematic financial fraud by cooperative and credit societies, with MLAs from both sides raising concerns about citizen losses and regulatory inaction.
Opposition Leader Yuri Alemao said mismanagement and fraud by directors had resulted in financial losses for investors, while authorities failed to intervene. “Multi-state societies operate without security, and the Cooperation Department has remained silent despite numerous complaints,” he said. Alemao urged the creation of a cooperative ombudsman for grievance redressal.
Listing failed institutions such as Margao Urban, Pearls Green Forest and Visionaries Bank, Benaulim AAP MLA Venzy Viegas said that despite audit reports and promises of pre-monsoon decisions, no action has followed. “The Pirna Urban Cooperative Bank is at risk of becoming a new defaulter,” he said.
Fatorda GFP MLA Vijai Sardesai described the credit sector as a “scam machine,” saying political silence and bureaucratic apathy were shielding fraudulent practices. “Eighteen credit societies have defrauded people of Rs 20 crore,” he said.
He narrated a case involving a victim from Curti Khandepar Urban Cooperative Credit Society, who had pursued justice for 14 years without success despite approaching the police, registrar, chief minister, and PMO.
He said 431 out of 475 societies submitted audit reports in 2021, but no audits or action had taken place this
year. Sardesai called for real-time fraud monitoring, disqualification of erring directors, and a depositor protection fund.
Curtorim Independent MLA Aleixo Reginaldo Lourenco cited the Visionary Urban Cooperative Bank, where investors continue to await action.
“At Mapusa Urban, Curtorim Comunidade has fixed deposits worth Rs 75 lakh. I have been consistently writing to the minister. Though this bank has released Rs 5 lakh of deposits, but what about people having more than Rs 5 lakh? Also, CIBIL shows that the bank is closed,” he said.
Curchorem BJP MLA Nilesh Cabral said societies registered under Cooperative Acts had remained unaudited, enabling fly-by-night entities to lure depositors with high interest rates before disappearing.
