HYDERABAD, Sept 18: Members of the Khwaja community have appealed to the president, prime minister, chief minister, social welfare organisations and specially Prince Karim Aga Khan to take notice of the bankruptcy of five Khwaja cooperative societies due to mismanagement and to ensure the return of depositors’ hard earned money.

Speaking at a news conference at the press club on Thursday, Sajid Ali Khwaja, Ms Samina Khwaja and Bakht Ali Khwaja said that there were five cooperative credit societies of Ismaili Aga Khani sect in the market area Hyderabad namely Mubarak, Aliabad, Al-Rahim, Hyderabad multipurpose and women multipurpose cooperative credit societies.

Sajid Ali said that Mubarak Society was the main cooperative credit society, which was inaugurated by His Highness Prince Karim Aga Khan in 1971 which was originally a cooperative bank. The other four societies were working under Mubarak and were registered with Registrar Cooperative Societies Sindh and Ismailia Council for Sindh.

He said that all the societies used to work like government banks and national saving centres and used to give 12 to 16 per cent profit per annum to the depositors and charged 18 to 20 per cent mark-up from the people to whom they advanced loans.

He said that not only the Ismailis but other people also deposited their money in the societies. In the month of Aug 2005, all these societies collapsed due to mismanagement.

He said, when the depositors raised hue and cry and sent complaints to the concerned authorities, the Shia Imami Ismailia Council for Pakistan, Garden Jamat Khana Karachi, appointed a committee and only 25 per cent of the principal amount was returned to the depositors in three instalments.

He said, another committee was also appointed but there has been no progress. He pointed out that Rs200 million of 450 depositors was stuck-up in these societies out of which they had received only Rs30 million in three instalments.

Sajid Ali said that the majority of depositors were orphans, widows and pensioners who had been economically destroyed and were being kept only on false promises.He appealed to the president and prime minister of Pakistan, chief minister Sindh, social welfare organisations and specially Prince Karim Agha Khan to come to the rescue of the poor depositors and ensure the return of their money.