Beanibazar is full of interest business ..

Shamser Alam

The Beanibazar Savings and Loan Cooperative Society is running a lucrative business. It is not right to intrigue the public without knowing or understanding about these institutions.

According to the next generation news, an organization called Sylhet Savings and Credit CS Limited has swindled around Rs 50 lakh from the people in the name of giving loans.

It is not right to deposit money in the hope of making a profit without a bank. If you make a mistake as a thought, you will not find a cool edge in the end.

Numerous organizations have been formed in the name of cooperative societies in Beanibazar. With the exception of a handful of companies, the rest of the business is run illegally and irregularly.

As far as is known about the Cooperative Act, the powers conferred on it by SRO No. 31-Act / 2004-Cooperative Societies / Act-2001, Section 6, Section 7 are referred to as Savings and Loan Societies in the 22nd Schedule of the Cooperative Societies as per Government Control Rules. —-

The primary purpose of these associations is to create funds by increasing their own resources and to provide loans to the members from them.

Based on the local public opinion, it is known that interest is being collected at the rate of 25 to 30% and the installment is being collected on monthly basis instead of the annual term.

The simple local people are falling into the clutches of these NGO-style associations and are losing their capital as a result of paying extra interest and short-term loans.

Again, showing greed to lend, many institutions suddenly disappear with the deposit of ordinary money. With his hands on his head, he has nothing to do but wail.

These clever co-operative societies registered as co-operative societies are not even close to the rules and regulations of the society.

These associations are transacting interest by managing the local co-operative officers and administration for the purpose of making interest business with the registration of co-operatives.

As the co-operative office has not taken any action, the customers are being deceived and are disappearing by paying extra interest.

Talking to Mohammad Shahjahan and Babu Jagannath Goswami, retired officers of the Upazila Cooperative Office, many things were revealed in this regard.

Babu Jagannath Goswami said that there is no rule to give a loan to anyone except a single member and only a member of the association can take a loan up to 40 times of the shares he has bought.

Cooperative societies like commercial banks are in conflict with government financial institutions that pay interest on deposits; Which is a completely illegal and punishable crime.

He further said that an association cannot be conducted outside the law in any way. They have formed a committee with their own family members and are carrying out illegal activities, but when they visit, everything is fine.

Many of them have been given district office registration and they cannot intervene. However, action will be taken if specific complaints are received in this regard.

Author: Shamser Alam