24 Sahara Credit Coop Society accused of duping investors of Rs 5 crore

Vadodara: A complaint of cheating was registered against the management of Sahara Credit Cooperative Society (SCCS) in Padra on Friday.
The management has been accused of duping the investors of Rs 4.70 crore by floating an investment scheme. Police said that it has begun search for the accused that include the chairman, managing director, board of directors and local managers of SCCS.

According to complainant Dalpat Padhiyar, SCCS had floated an investment scheme in 2010. “The investors were promised that the money they invest in SCCS will double in five years. But when the investors and agents who had joined the scheme approached SCCS in 2015, they didn’t get any money,” said S A Desai, Padra police inspector.

“The complainant alleged that SCCS local managers kept saying that Sahara was having some legal issue with Securities and Exchange Board of India (SEBI) and hence they couldn’t return the money. After waiting for another three years, the complainants decided to approach the police. We have filed a complaint of cheating and criminal conspiracy against 24 persons,” Desai told TOI.

Dalpat, who enrolled as an agent in the SCCS scheme, had invested Rs 14 lakh on behalf of his family members. His customers alone have invested over Rs 2 crore in the scheme. “There are about 50 agents and many customers whose money is stuck in SCCS scheme,” the police said.

A FIR has already been registered in November against the Sahara India top management at crime branch in the city. The complainant have told the police that they had invested money Sahara Q Shop but didn’t get the returns. The police had said about Rs 2.25 crore of 620 investors hasn’t been returned by the company.