BSNL engineers co-operative society scam: Victims accuse regulator of inaction

THIRUVANANTHAPURAM: The victims of the BSNL Engineers Co-operative Society scam have alleged that the state-appointed regulator has failed to file a complaint against the chargesheet submitted by the crime branch. Rajesh Kartha, additional registrar of the Cooperative Department, was appointed as the government regulator in the case relating to the swindling of Rs 260 crore worth of depositors’ money.

The inaction led the BUDS court to reject their petition, citing that Sections 3 and 5 of the Banning of Unregulated Deposit Schemes (BUDS) Act cannot be invoked against the BSNL Cooperative Society since it is registered under the Kerala Cooperative Societies Act and falls under a regulated deposit scheme.