Mandsaur (Madhya Pradesh): Congress leader and advocate Dr Raghavendra Lasingh Tomar has written a letter to Mandsaur district collector Gautam Singh and Superintendent of Police Anurag Sujania claiming that large number co-operative societies were illegally indulging in banking business in the town.
These societies were indulging in such financial activities without the license of Reserve Bank of India.
These societies were also charging 30 to 35% interest on loans in violation of Madhya Pradesh Co-operative Act and the anti-spoofing campaign of the Madhya Pradesh government.
Dr Tomar demanded stern action against such financial institutions.
Dr Tomar said that usury of co-operative societies has ruined many families and forced many others to commit suicide.
He said that despite repeated demand of action against such societies, the administration has turned a blind eye to the menace.
He warned of a mass agitation if no action was taken against such societies.
