Bhubaneswar: Odisha government has written to the Registrar of Central Cooperative Societies to take action against Sahara India for making promises to depositors to provide higher interest rates on their deposits.
The letter of the State government said the interest rate offered by Sahara India on deposits violates the guidelines of the Central Cooperative Society Registrar. Besides, it sought restrictions on the company’s business operations in Odisha as people are likely to be defrauded.
Registered as a multi-state cooperative society, Sahara India promises to give 14.5% interest on deposits.
Shasibhusan Padhi, Registrar, Cooperative Societies, said, “We have an inquiry report that says Sahara India, Rajgangpur branch is giving higher interest rate. We have also received complaint regarding this.”
“As Sahara India was registered under the central cooperative society, I have sent the report to the concerned authority to take legal action,” he added.
Meanwhile, Damodar Rout, Cooperation minister, said, “People of Odisha should not fall into the trap of chit-fund companies.”
Earlier, the State government had written letters to the Centre mentioning business details of societies registered under the Central Cooperative Society in the State could not be ascertained.