Question:
During the COVID-19 pandemic, a cooperative society was formed in our village. My parents, who are farmers and domestic workers, gave 2 lakh and 30 thousand to some members of this society in hopes of receiving dividends. They provided a stamp on a blank page and received a bank cheque but did not understand how the cheque worked and only signed the back. Now, the society is unresponsive, and despite meetings with village union council members, my parents have not recovered their money. What steps can we take to get our funds back?
Answer:
Your situation is unfortunate, but there are steps you can take to seek recovery of the money your parents invested in the cooperative society. Here are some suggested actions:
- Document Everything:
Gather all documents related to the transaction, including:- The stamped blank paper.
- Any correspondence or agreements made with the cooperative members.
- Records of the bank cheque (even if it is unsigned).
- Notes from meetings with village council members.
- Any witnesses who can confirm your parents’ account of the situation.
- Understanding the Nature of the Cooperative Society:
Since this is a cooperative society, it is likely registered under the Cooperative Societies Act, 1925. You can verify whether the society is officially registered and check for any governing rules that apply to it. - File a Complaint with Local Authorities:
If the cooperative society is registered, you can file a formal complaint with the Department of Cooperatives in your district. They can investigate the matter and take action against the society for any wrongdoing. - Legal Action:
If filing a complaint does not yield results, you may consider pursuing legal action. Consult with a lawyer who specializes in civil law or financial disputes. They can help you understand your rights and the best course of action, which may include:- Filing a civil suit for recovery of the money.
- Seeking a court order to freeze the assets of the cooperative society until the matter is resolved.
- Consumer Protection Agency:
If you feel that your parents were misled or deceived, you may also consider filing a complaint with the Consumer Rights Protection Authority. They can investigate and may provide support in recovering the funds. - Community Support:
Engage with other members of the village who may have been similarly affected. Collective action can be more effective. If there are multiple victims, consider presenting a united front in your complaint to authorities.