KPK "Saratov Savings" is known to Russians as the sad experience of depositors who have lost more than 8.5 million rubles. Since 2017, the company officially ceased to exist, and hundreds of deceived customers still can not return their money invested at the promised interest. Negative reviews about the "Saratov savings" cooperative are very common. Those who are unlucky advise investors to pay attention to any organization in which they promise too attractive conditions for financial products.
History
Credit Consumer Cooperative "Saratov Savings" began its activities in 2011. At that time, the Russians actively invested funds that they managed to accumulate after the formation of the economy.
The active phase of the economic crisis in the country was left behind, and citizens were more willing to transfer cash to the accounts of financial organizations. But banks did not offer the most favorable interest on deposits. Not everyone agreed to invest at 8-10% per annum for 3-5 years, so cooperatives gradually began to gain popularity among Russians.
One of the organizations, which offered a very high income on deposits, was the Saratov Savings CPC. The name is associated with the opening of the first office in the city of Saratov.
Gradually, the geography of the cooperative expanded. New branches began to open. Russians could become shareholders in the following cities:
- Engels;
- Balashov;
- Balakovo;
- Penza
During the first 3 years, the Saratov branch was the leader in attracting customers. But later, Balashov’s Saratov Savings CPC became one of the main sales offices.
In the remaining regions of the country, the branches of the cooperative did not open, but this did not stop attracting more than 2.5 thousand people to the ranks of shareholders.
The secret to the success of the CCP
The Saratov Savings Savings Credit Consumer Cooperative successfully attracted new depositors and issued loans from 2011 to 2017. During the first 5 years of the CCP, customers were satisfied with:
- convenient branch within the city;
- Friendly staff
- guarantee of investment protection (all deposits, as the managers assured, were insured);
- the presence of bonuses to shareholders;
- issuance of certificates, contracts upon request.
The beginning of financial problems
But in July 2017, the shareholders who decided to withdraw funds from deposits unexpectedly started having problems. Under the terms of the contract, early termination provided for the payment of funds at a lower percentage. But in the CPC of Balashov, interest payments first began to be delayed, and then stopped altogether. Further, the cooperative began to be denied to those who want to completely withdraw cash from deposits.
The inability to pay funds was associated with a lack of finance in the branches of the fund. According to negative reviews about the Saratov Savings Cooperative, it can be assumed that the deficit arose in the company after the massive issuance of loans for amounts in excess of the fund's capital. In Russia, such activity is illegal and falls under Article 159 of the Criminal Code of the Russian Federation “Fraud” (in especially large amounts).
Closing PDA branches
The refusal to pay funds in the city of Balashov was only the beginning of the destruction of the "financial pyramid", which turned out to be the CCP from Saratov. Following this branch, difficulties began in Penza, Balakovo and Engels.
Depositors, one after another, received refusals to pay funds on deposits. They no longer dreamed of calculating interest. Those who received cash before July 2017 wrote positive reviews about the Saratov Savings PDA, as they were able to increase personal savings at the promised interest. But such lucky people, in comparison with defrauded investors, are not more than 50 people in all cities where the cooperative's branches were located. The number of shareholders who have lost investments is more than 2.5 thousand people.
The refusal to pay interest and deposits entailed the closure of the cooperative's branches. The first began to close the offices of Balashov and Penza. They were followed by branches in Balakovo and Engels.
Closing the head office in Saratov
The situation at the head office of the financial institution was stable until June 2017. Attractive deposits were still being published on the official website. Advertising in the city of Saratov interested residents. Therefore, the main branch managed to hold out the longest.
As indicated in local news: "The office of the CCP" Saratov Savings "Saratov is closed, the needs of investors are not satisfied." This happened in September 2017. Already at the end of August, all employees of the branch were dismissed, and the office stopped answering calls even by calling the hotline.
The fate of the CCP
The Saratov branch (Chernyshevsky street, 132) has become a place where deceived citizens come for another six months in the hope of receiving at least part of the invested funds. But those who understood in advance about the difficulties of the cooperative filed a lawsuit in August 2017. The fate of the branch now interests only those who still hope that the management of the Saratov Savings will pay the money. Although there is little hope.
After the article on fraud was launched, other reviews appeared on the Saratov Savings CCP. Investors from other cities complained that they also had to face the modern "financial pyramid."
This led prosecutors to think of a wide network of companies in which the cooperative being studied was only part of the chain. According to official data, since 2017, the Saratov Savings CPC office in Saratov has been closed, there are no news on the resumption of work of other branches in Penza, Balakovo and other cities. But customers still write that they were deceived in paying interest and returning invested funds. The conditions specified in the contract and the proposed interest of 14-20% per annum proved the assumptions of government employees.
According to the results of the investigation, at the end of 2017, another case was opened under article 196 of the Criminal Code of the Russian Federation “Intentional bankruptcy”. Citizens who did not have time to return the investments were recognized as victims. The total amount of damage, according to the results of an investigation into the activities of all companies associated with the CCP, totals more than 140 million rubles.
Opinion of employees of the "Saratov Savings" cooperative
Such a number of deceived citizens (more than 2.5 thousand depositors) is due to the fact that not all customers immediately learned about the problems of the cooperative. Employees of the branches did not advertise that the Saratov Saving CCP in Saratov was experiencing difficulties until they received an order not to issue permits for the payment of funds. The ban on the payment of interest and deposits came from the leadership of the CCP.
Negative reviews about the “Saratov savings” cooperative were left not only by deceived investors. Employees were not only on the verge of losing their jobs, but were also forced to misinform citizens. Not all CCP workers agreed to such conditions.
In their testimonies in the case of a cooperative from Saratov, they indicated that management forced them to accept funds, despite rumors of possible bankruptcy. They were forbidden to report any information about problems in the company, on the contrary, managers had to assure customers that their deposits were insured and there was nothing to worry about.
Insurance Indemnity Information
A cooperative from Saratov entered into an insurance contract with the company NPO MOVS. But the contract expired on August 22, 2017. By this time, hundreds of depositors have already applied for their money, but have been refused. At the same time, the insurance company confirmed that the management of the "Saratov Savings" cooperative did not apply for payment of the insurance amount until the expiration of the contract. This confirms the validity of the institution of a criminal case on the fact of intentional bankruptcy.
Before the bankruptcy, KPK was a member of the “Reliance of Cooperation” Interregional Union of Credit Cooperatives. The Union Compensation Fund consisted of 47.3 million rubles. But in the event of bankruptcy, one member of the union could only count on 5% of the compensation fund.
Payments were made after judicial acts issued. But KPC contributors were not able to get a refund at the expense of the union. For breach of contract, Saratov Savings was excluded from the list of members in September 2017.
Chances of investors to return their own funds
The presence of a valid insurance contract or union membership would allow investors to receive their investments within 12 months from the date of the bankruptcy of the cooperative. But the expired insurance policy and expulsion from the union deprived residents of Saratov and other cities of the opportunity to receive cash in the near future.
This entailed thousands of negative reviews about the Saratov Savings Cooperative. Clients still leave information on the network about how they were deceived in order to prevent other investors from rash investments. According to reviews, more than 34% no longer count on a refund. 17% write in their comments that they hope to return at least 70% of the investments. The rest, 49%, is confident in the success of the trial.
Lawyers are skeptical of the case of a cooperative from Saratov. According to the answers of lawyers on legal portals, it follows that the chances of a refund are 78%. But the situation is complicated by the large number of documents that should be submitted to the court, and the complex financial scheme of deception created by the leadership of the “Saratov pyramid”.
Litigation
To date, the court is considering a case of Saratov fraudsters in the field of finance. Hundreds of depositors have already made statements, some of them have already managed to receive cash.
According to lawyers, the lack of insurance coverage significantly complicates the payment. If funds in banks up to 1.4 million are insured by the Deposit Insurance Agency, then such coverage does not apply to the CCP.
The terms for individual cases were extended until the end of the 1st quarter of 2019. The sale of KPC property did not bring significant financial results: only 5% of depositors received their money. The rest remains to rely on the closure of branches in other cities, followed by the arrest and sale of property of one-day companies associated with the CCP.
Tips to cheated investors of other "financial pyramids"
Lawyers and former clients of the "financial pyramids" from Saratov and not only advise those who fall into such a scheme not to despair and assert their rights. Qualified legal assistance in this situation is a necessity. And the sooner the depositor turns to lawyers, the more chances he has to receive cash within 6-12 months from the date of closure of the organization.