Adarsh Co-op: Sahakar Bharati to replace Mukesh Modi

The scam-tainted Adarsh Credit Cooperative Chairman Mukesh Modi is likely to be replaced in the next meeting of Rajasthan state Sahakar Bharati adhiveshan, said a highly placed source close to the RSS supported cooperative body on condition of anonymity.

Mukesh is caught up in the thick of controversy after the ABP News exposed Adarsh Credit Co-op operations and alleged that in the name of cooperative Mukesh and his family members are running Ponzi schemes duping more than 20 lakh depositors.

Mukesh Modi has never been an active member of Sahakar Bharati, said the source while accepting that he is the chief of Rajasthan unit of Sahakar Bharati as of now. “Modi has been with us for the last 7-8 years but has not been as involved as the likes of Satish Marathe, Jyotindra Mehta or Uday Joshi are in the day to day operations of Sahakar Bharati”, he underlined.

In the next Adhiveshan (State Conference) likely to take place within a couple of months in Jaipur, Mukesh will have to go, he informed. “There is no precedent of removing an official midway so we would wait till the Adhiveshan”, he stated.

Modi himself withdrew to a great extent from the activities of Sahakar Bharati as soon as the news of Adarsh broke in the media, sources add emphasizing that Sahakar Bharati was primarily conceived by RSS to cleanse the cooperatives and there cannot be anything more unfortunate than to have a black sheep in its own family.

It bears recall that the television report alleged that Adarsh Credit Co-op has collected Rs 8400 from 20 lakh gullible investors and diverted the money to various shell companies being run by the family members and friends of chief promoter Mukesh Modi. “Its balance sheet shows that while Adarsh Credit Co-op has just Rs 131.63 crore as deposits in bank, it owes more than Rs 9639 crore of investors’ money with it”, the report alleged.

Adarsh Credit Co-operative also served a Legal Notice to the television channel, informed Atij Naik who is with the Legal Cell of Adarsh Credit Co-op based in Ahmadabad. Naik had also promised to get back to us with his version of the story and claimed that the news shown on ABP was malicious. His version is still being awaited.


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Comments ( 2 )

  1. Pingback: Sahakar Bharati Rajasthan denies report on Mukesh Modi - Indian CooperativeIndian Cooperative

  2. M C Bohra

    The result of IT raids must be shown to investors. It must be regularly published whether any difficulty is faced by investors to get matured FD money back instantly so confidence in society is maintained. The co op deptt must keep strict watch on deposits of investors to safeguard their hard earned money.

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