Agriculture Ministry, market regulator Sebi and other investigating agencies are probing 7-8 credit cooperatives societies for alleged money laundering while tighter norms are in the works to check such activities.
The ministry is discussing with Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO) and Sebi officials to come up with tighter rules to prevent companies or their promoters from floating cooperatives just to transfer funds, a senior Agriculture Ministry official said.
"Sebi, SFIO, ED and CBI are investigating 7-8 organisations after we received complaints that they have floated cooperatives for fund diversion," the official said.
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The issue was discussed in the meeting held yesterday. "We exchanged ideas. We will meet again before finalising the norms," the official added.
Asked if the ministry has referred the complaints related to Sahara Group's credit cooperative to CBI, the official said that the ministry has sought explanation from Sahara Cooperatives in relation to 12 complaints.
"We have asked for explanation from the Sahara Credit Cooperative Society in 12 cases. We have not yet received the response," the official said.
There were complaints that Sahara agents were forcing investors to transfer their money into the new credit cooperative schemes from older Sahara savings plans, another official said.
Union Agriculture Ministry also controls cooperatives registered with the central government. Sahara Credit Cooperative Society Ltd was set up in 2010.
