The district consumer court has imposed a fine of ₹1,00,000 and 3 years of imprisonment on the president of Riddhi Siddhi Cooperative Society, Shyam Jadhav in Belagavi.
Shyam Jadhav has been convicted by the consumer court for the nonpayment of a fixed deposit taken from Rabindra Kumbhokar and Manisha Kumbhokar. According to the sources, Shyam Jadhav, through Riddhi Siddhi Cooperative Society took a fixed deposit from Rabindra and Manisha but didn’t pay the amount back to them.
To get their amount back, Rabindra and Manisha approached the district consumer court in Belagavi. The court ordered Shyam to repay the amount but he still did not comply with the court’s order.
Rabindra and Manisha filed a criminal case against Shyam leading to which the court convicted Shyam and sentenced 1 year of imprisonment and ₹1,00,000 and repayment of ₹9,20,696 to Rabindra and Manisha.
According to the Times of India, a similar incident happened a few years back in Belagavi where film producer Anand Appugol and the chairman of Krantiveer Sangolli Rayanna Cooperative Credit Society cheated a lot of depositors for ₹232 crores.
About Riddhi Siddhi Multipurpose Cooperative Society
The Riddhi Siddhi Multipurpose Co-op Society, like any cooperative society, is an association of members with an objective of helping the society members.
According to Wikipedia, a co-op society is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.
This cooperative society provides loans for personal purposes, two-wheelers, mortgage loans, and home loans. They also accept deposits and give interest to people.
Who is Shyam Jadhav
Shyam Jadhav is the president of Riddhi Siddhi Multipurpose Cooperative Society situated in Belagavi. he is 45 years old.
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