Subscribers to mutual fund in AGS co-op society stage protest

• Repayments are long overdue
• Customers agitated over the fate of their deposits
• Most of investors are middle class and poor

Vijayawada: A group of people from different places in the State staged agitation at AGS Parivar Mutually Aided Cooperative Credit Society here on Friday in support of their demand for refund of their money deposited in the society.

The agitation by the customers to the society came close on the heels of swindling of over Rs 1 core out of large number of people in the name of chit funds.

The AGS Parivar Mutually Aided Cooperative Credit Society is said to have 60 branches spread across the State. The agents hired by the society reportedly collected huge sums of money from the people, promising good returns on their savings. The society allegedly collected a good amount of money.

A section of subscribers to the “mutual fund” floated by the society staged a protest in front of the head office of the society here, alleging that the company had failed to refund their money with interest as promised though the repayment was overdue.

An employee from Guntur, named Prasad, said he had come to collect Rs 6 lakh deposited by his maternal uncle. He had to take the pains to come to the city to press for repayment of the money as his uncle was not well.

A woman Samrajyam from Guntur said he had saved Rs 50,000 by working as maidservant and deposited the money in the society. She saved the money for her daughter’s marriage. But the society had not so far refunded her money.

Two agents Vijaymohan and Ramu from Guntur said they had collected Rs 40 lakh from people and deposited in the society. They continued the press for refund of the money to the subscribers.

Most of the employees in the office disappeared when the subscribers staged a protest. But a clerk claimed that the society was earning profits and repayment of subscriber’s money would be made.