Excelsior Correspondent
JAMMU, May 23: District Magistrate (DM) today issued a general advisory cautioning the people not to invest with Adarsh Credit Co-operative Society Limited, Bahu Plaza, so that they may not be deceived or misled.
As per the handout issued by the office of the DM, the society, which commenced its activities in the month of March this year, is offering high rate of interest to the investors with additional benefits.
After becoming suspicious, an enquiry was conducted and it has been established that the society is a co-operative registered under Multi State Co-operative Society Act 2002 with central registrar with RBI.
The enquiry report revealed, that the society does not have safeguards to protect the interest of the investors and it does not have any policy or rescue plan for the investors in case of a financial failure.
Hence, on the basis of the enquiry report it has been established that operation of the said society is not in the interest of the public and the society is not adhering to prudential norms and does exhibit credence and reliability.
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