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Multi state credit cooperative society


13-Sep-2023 (In Civil Law)
In india there are number of credit cooperative societies, registered under the multstate coperative societies Act 2002, inviting deposits from common man , on the lucrative offer of giving them more than normal interest on their deposits , investors deposited their money , for some time interests are distributed , but on being findout by Govt . authorities that the money of investors are sifonoff by the society in bogus companies ( illegal transfer of money ), action taken , properties seized ,
Answers (1)

Answer #1
884 votes
There are two laws to regulate such societies that accept deposits, MSCS, 2002 and BUDS, 2019. Accordingly, one can take remedy under these Acts to ventilate one's grievance. If you have any other query feel free to ask us.
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Advocate Siddharth Tatiya

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