Depositors protest at Nirmal Ujjwal credit society's Nagpur office over unpaid maturity amounts

A large crowd of depositors gathered outside the head office of the Nirmal Ujjwal Credit Cooperative Society in Nagpur yesterday (October 5). The office is in the Nandanvan area. Deposits have not been returned even after maturity, and angry depositors came to demand the money in their accounts and their deposits, creating a commotion.

Police had made arrangements to keep the situation under control. Police were also posted outside the residence of founder secretary Pramod Manmode. Seeing the police deployment in front of the office, a rumour spread that the Income Tax department had raided the society. The rumour swelled the crowd further.

Depositors have been angry over the society's functioning for the past several days. They are not getting their money even after maturity. Incidents of cheques bouncing have added to their worries. It has also become known that the Central Registrar of Cooperative Societies has issued a notice to put the society into liquidation. This has deepened the concern of account holders and depositors.

The society has more than 50 branches in Vidarbha, and deposits of ordinary citizens and traders are stuck in all of them. The founders had sought 45 to 60 days to return the depositors' money. Many depositors have still not received their money after that period, which has added to the anger. What matters now is when depositors will get their money and what steps the society takes.

Meanwhile, a similar report comes from Yavatmal. Irregularities involving depositors' money at Jansangharsh Sahakari Bank, Ashtavinayak Credit Society, Mahila Nagari Credit Society and Mahila Babaji Date Bank are still fresh, and now depositors of the Raosaheb Patwardhan Multistate Urban Cooperative Credit Society have also reported not getting their money. Withdrawals have stopped for the past several days, so depositors crowded the main branch. The bank also has branches in Ghatanji and Wani, and holds deposits of Rs 35 crore. Depositors are in financial distress as transactions are not running smoothly.

Depositors are said to have invested a total of Rs 35 crore in the society through fixed deposits, daily savings deposits and other means. On August 31, the society's employees had submitted a representation to the District Collector and the District Deputy Registrar, alleging that the society was not returning depositors' deposits and interest. A copy of the representation was also pasted at the head office. Depositors from Yavatmal and Ghatanji then crowded the main branch demanding withdrawals. But the chairman, vice-chairman and responsible officials were not present, so depositors waited for a long time.

Depositors allege that the office-bearers have absconded with their money. They have begun preparing to file a complaint at the police station.