The Ministry of Cooperation has moved to initiate the winding up of Sneha Multistate Cooperative House Building Society Ltd., Chennai, after inspections revealed that the society was not functioning from its registered or declared office addresses.

The decision follows a complaint forwarded by the Reserve Bank of India (RBI) in May 2023 through its CMS portal, which raised multiple red flags about the society.

RBI’s observations included discrepancies in the registered and website-declared office addresses, dubious use of Nidhi Company terms and conditions despite being a multi-state cooperative, and reports that members were issued ICICI ATM cards in the society’s name.

Despite repeated reminders from the Central Registrar of Cooperative Societies (CRCS), the society denied the allegat

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