Around 40 people who had deposited their money in a private cooperative society in Ibrahimpatnam, filed a police complaint claiming that even though their deposits are matured, they have not been repaid.
Around 600 people from Ibrahimpatnam town and adjoining regions deposited their money in Adarsha Cooperative Society which is currently operating from Vijayawada. The members of this society claim that the cooperative society had collected deposit from them for three years.
"Adarsh Cooperative society had admitted members in its deposit scheme. The cooperative society told their members to pay money for 36 months and stated that 45 days after the completion of deposits, they will get repaid," said K Sridhar, Inspector, Ibrahimpatnam Police Station.
"However, these people filed a complaint stating that now they are not getting repaid despite their deposit maturity time is over and the promised date of payment has also been passed. We will verify the matter and take appropriate action," he added.
Though three year period is expired, most of the depositors have not been paid and only a few claims have been cleared so far.
Around 40 people who have filed police complaint claim that they are to be paid Rs 12 lakh.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)