Those who conned cooperatives barred from polls for 10 years | mumbai | Hindustan Times
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Those who conned cooperatives barred from polls for 10 years

mumbai Updated: Apr 01, 2010 01:21 IST
HT Correspondent

It is a decision that will affect several political ambitions.

The state government on Wednesday decided to bar those responsible for frauds in credit cooperatives from contesting elections to cooperative societies for ten years. Cooperation Minister, Harshavardhan Patil, said this in the Assembly.

Patil said the state will ensure office-bearers of cooperative credit societies, which have misappropriated deposits worth Rs 15,000 crore, do not contest society elections.

Cooperatives form the backbone of the economy, especially in rural areas. Most of them are floated by infulential politicians. These bodies are stepping stones for those aspiring to make it big in politics.

The state’s decision will nip several political ambitions in the bud. It will impact those who have exploited credit societies and used them as a ladder to enhance their clout.

Patil said at least 750 economic offences involving cooperatives were registered in the state in five years. The government has released Rs 200 crore to help distressed depositors and another Rs 39 crore were made available recently, Patil said.