What could be the reason for so many so-called Multi-purpose cooperative societies absconding with their investors money.
I don't know if that is the case in other states of the Federation, but here in Bayelsa State, I can say that over 40% of the cooperative societies will close down their offices and run away with investors money after few months of operation.

With my findings, almost all of these Cooperative societies were duly registered by the regulatory bodies responsible for cooperation societies in Bayelsa State.

The reason why I am making this post is because I am also victim of this ugly trend.
I had invested in two different multi-purpose cooperative society hoping that it will be safer not to put all my eggs in one basket.
However, the two cooperative societies that I invested with all scampered with my monies.
I invested four thousand naira only for myself and my wife, one hundred thousand in the first Cooperative society. Then two hundred thousand naira for myself, and another hundred thousand naira for my wife in the second cooperative society.
However in a matter of weeks apart, they all closed their offices. Without notice or any information of whatever the situation is.

This unfortunate development has left thousands of people frustrated.
As I write this post I am dealing with depression from my wife. This has taken a negative toll on my family and am really worried about my wife's behavioral pattern of late. She is feeling guilty because I did not want to invest because I have had bad experience loosing hundreds of thousands in this investment stuff in the past. I don't even know how I can recover my monies or how I will cope the situation.
The funniest part of the whole story is that most of these people who brought these Cooperative societies that have absconded with our money are not indigens which we can trace them to their relations or other people who could have and idea of how to get them.

Recently, fellow contributors came together to look for ways to get these people arrested, but firstly seek a court other to freeze their accounts. Send a petition to EFCC. this too is facing serious setbacks because money is still involved as many people are not willing to contribute for that.
Some person said they will only pay their contributions if the money will be used to go to a witch doctor to summon these people. Kill them and their families.
Some has already taking it on themselves to so the needful.
As some have their photograph and their names and bank account details.

On my own part, I sent an email to EFCC attaching evidence of my payments and the agreement documents along with the bank account details of the accounts they used in receiving our money. I have not received any message from EFCC to confirm if they had received my petition or not. I also forwarded the same petition to ICPC who reply saying they don't deal with such issues, directing me to write EFCC.
I also forwarded the Nigerian Police Fraud investigation department online.

Please are there other means which we make these people pay for all the pains they are causing US.
I know it will be impossible to recover the money. But at least something should be done so they don't go to other states and start defrauding unsuspecting Nigerians.

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ogbologbo1000:
What could be the reason for so many so-called Multi-purpose cooperative societies absconding with their investors money.
I don't know if that is the case in other states of the Federation, but here in Bayelsa State, I can say that over 40% of the cooperative societies will close down their offices and run away with investors money after few months of operation.

With my findings, almost all of these Cooperative societies were duly registered by the regulatory bodies responsible for cooperation societies in Bayelsa State.

The reason why I am making this post is because I am also victim of this ugly trend.
I had invested in two different multi-purpose cooperative society hoping that it will be safer not to put all my eggs in one basket.
However, the two cooperative societies that I invested with all scampered with my monies.
I invested four thousand naira only for myself and my wife, one hundred thousand in the first Cooperative society. Then two hundred thousand naira for myself, and another hundred thousand naira for my wife in the second cooperative society.
However in a matter of weeks apart, they all closed their offices. Without notice or any information of whatever the situation is.

This unfortunate development has left thousands of people frustrated.
As I write this post I am dealing with depression from my wife. This has taken a negative toll on my family and am really worried about my wife's behavioral pattern of late. She is feeling guilty because I did not want to invest because I have had bad experience loosing hundreds of thousands in this investment stuff in the past. I don't even know how I can recover my monies or how I will cope the situation.
The funniest part of the whole story is that most of these people who brought these Cooperative societies that have absconded with our money are not indigens which we can trace them to their relations or other people who could have and idea of how to get them.

Recently, fellow contributors came together to look for ways to get these people arrested, but firstly seek a court other to freeze their accounts. Send a petition to EFCC. this too is facing serious setbacks because money is still involved as many people are not willing to contribute for that.
Some person said they will only pay their contributions if the money will be used to go to a witch doctor to summon these people. Kill them and their families.
Some has already taking it on themselves to so the needful.
As some have their photograph and their names and bank account details.

On my own part, I sent an email to EFCC attaching evidence of my payments and the agreement documents along with the bank account details of the accounts they used in receiving our money. I have not received any message from EFCC to confirm if they had received my petition or not. I also forwarded the same petition to ICPC who reply saying they don't deal with such issues, directing me to write EFCC.
I also forwarded the Nigerian Police Fraud investigation department online.

Please are there other means which we make these people pay for all the pains they are causing US.
I know it will be impossible to recover the money. But at least something should be done so they don't go to other states and start defrauding unsuspecting Nigerians.