Mukesh Modi and Rahul Modi-the two accused in Adarsh Credit Co-op scam have got bails from Delhi High Court on furnishing a personal bond in the sum of Rs.5,00,000/- each with two local sureties each of the like amount to the satisfaction of the trial court.
The court has also said that their bail is subject to the conditions such as “that the applicants shall not leave the territorial jurisdiction of National Capital Region, without prior permission of this Court.
The other condition says the applicants shall co-operate with the investigation and appear before the concerned Investigating Officer, SFIO, as and when called upon to do so, with sufficient prior notice in writing.
The Delhi High Court has also directed them to surrender their Passports. The order reads “That the applicants are directed to surrender their Passports with the concerned Investigating Officer, SFIO in this case, forthwith.”
Strange as it may sound Congress leader Kapil Sibal argued for their bail in the court. Hearing the bail petition, the two member bench of Honourable judges Siddarth Mridul and Sangita Dhingra Sehgal observed that no cogent material has been brought to our notice on behalf of the SFIO to urge that, the applicants are a flight risk or that they will misuse the liberty granted to them by this Court.
Modis are accused of duping more than 20 lakh depositors in the name of cooperative. The arrested founder chairman of Adarsh Credit Mukesh and his family members are alleged to have been running Ponzi schemes and had floated several fake companies where they diverted the cash to the tune of Rs 8400 crore.
Earlier, a massive raid across several of the branches of Adarsh Credit by Income Tax sleuths took place. Later, the office of Central Registrar issued notice to it asking why the Society has extended loans to companies which cannot become members. Section 25 of the MSCS Act, 2002 does not permit the multi State cooperative societies to admit private companies as members.
The loans have been sanctioned without due diligence which indicates that the board of the society has unduly favored a few members and misused the money of the other members for personal gains, which again amounts to violation of cooperative principles, the office of the Central Registrar observed.
In the just concluded Sahakar Bharati National Convention, Modis were ousted from the top position of its Rajasthan Chapter. Earlier, they were given red carpet and were held as successful icons of co-operative movement.
The verdict copy is attached below for readers perusal.
Adarsh Credit Cooperative Society