More than 100 depositors have accused a cooperative credit society in Bihar’s Araria district of withholding their matured deposits in an alleged multi-crore financial fraud. The complainants have approached Raniganj Police Station seeking legal action against the office-bearers of The Kosi Central Co-operative Credit Society Limited, alleging that the society failed to return money deposited through recurring deposit (RD) accounts despite repeated assurances.
According to the complaint, dozens of affected customers submitted a written application at the police station demanding recovery of their savings and strict action against those responsible. The depositors alleged that the society collected money from hundreds of customers over several years but failed to repay the deposits after the accounts matured.
One of the complainants, Ajay Kumar Mehta, a resident of Raghunathpur Dakshin in Bhargama block, stated that he and many other customers had regularly deposited money in recurring deposit accounts at the society’s Raniganj branch. He claimed that the depositors possess passbooks, deposit receipts and other documents as proof of their investments.
The complainants alleged that after the maturity of their RD accounts, they approached the branch seeking repayment. According to them, Branch Manager Rajesh Kumar Bharti and Managing Director Jitendra Mishra assured customers that all dues would be cleared by November 2025. However, they alleged that even by July 2026, none of the depositors had received their money.
The complaint further states that written representations seeking repayment were submitted on December 5, 2025, and January 5, 2026, but no action was taken. Depositors alleged that despite repeated follow-ups, the management continued to delay payments without providing any satisfactory explanation.
Several customers have also accused the branch management of misbehaviour and intimidation. According to the complaint, whenever depositors demanded the return of their savings, they were allegedly subjected to abusive behaviour and told that they would not receive their money regardless of any action they chose to take.
The written complaint names Managing Director Jitendra Mishra, Chairman Vijay Kumar Choudhary, Branch Manager Rajesh Kumar Bharti, Abhilasha Kumari, Vikas Chandra Shekhar Kumar and other concerned employees. The complainants have accused them of cheating, criminal breach of trust, misappropriation of depositors’ funds and criminal intimidation.
Police said the complaint has been received and a preliminary inquiry has been initiated. Officials will examine the documents submitted by the depositors, including passbooks, receipts and other financial records, before deciding on further legal action. Statements of the complainants and other concerned persons are also expected to be recorded during the investigation.
The Station House Officer of Raniganj Police Station said the complainants had been assured that their application would be formally accepted and appropriate legal proceedings would be initiated after due examination. Meanwhile, no official response has yet been issued by the cooperative society or the individuals named in the complaint.
The depositors have urged the administration to conduct a fair and impartial investigation, recover their hard-earned savings and take strict action against those found responsible. Police said the allegations will be examined in accordance with the evidence collected during the investigation, and any further action will depend on the outcome of the probe.
