Agri society looks to acquire loan defaulters’ properties
The Isspur Agriculture Cooperative Society in Una district is looking to take physical possession of land and properties of loan defaulters to recover bad loans of about Rs 14 crore, mainly small farmers.
Suraj Pathak, president of the society, says that though the Assistant Registrar, Cooperative Society, has ordered the attachment of properties of loan defaulters, the society is not able to take their physical possession. “We will seek the help of the police to take the possession of properties,” he adds.
Pathak says that the annual general meeting of Isspur Agricultural Cooperative Society Ltd was held on December 22. Serious concern was expressed at the meeting over the non-payment of long outstanding loans by willful defaulters, creating misery for depositors, who do not get the refund of their deposits at the time of need.
The General House decided to take possession of the land of such loan defaulters whose land the Assistant Registrar, Coop Societies, Una, had attached. It was decided to give the debtors one month’s time and if they still did not repay their loans, their attached lands may be taken over with the help of the Department of Cooperation, Revenue Department and the police. The land would be released on the clearance of the loan amount plus interest by the debtors. In cause of further default, the land would be put to auction, as per the rules of the Revenue and Cooperative departments. To offer the one-time settlement facility to these debtors, the General House decided to give a rebate of 20 per cent of the accrued interest if they pay the amount in one go, he added.
Frequents frauds have occurred in small cooperative societies operating at the village level in the state and many small investors in rural areas have been duped of their money. Ironically, in many such cases, the government has failed to act against the accused or recover the money of small investors. Chintpurni MLA Sudershan Singh Babloo had taken up the issue during the winter session of the Assembly.
A fraud was committed in Isspur Agriculture Cooperative Society about four years ago. The then managing committee of the society and its officials had extended loans worth crores of rupees to some villagers without any collateral or security. The debtors did not return the money and small investors of the society lost about Rs 14 crore. Till date, the society had not been able to recover the amount from the accused and small investors were sufferings, he added.
A case was registered with the Vigilance Department against the then secretary and the management committee of the society in 2020. But till date the Vigilance had failed to file a chargesheet against the accused in the case.
