The Supreme Court has cancelled the anticipatory bail granted to the accused in the Rs 9,000 crore Adarsh Credit Cooperative Society scam, following appeals by the Serious Fraud Investigation Office (SFIO), media reports say.
The court ruled that anticipatory bail is not a default right—especially in serious economic offences—when the accused evade arrest, ignore summons, and attempt to obstruct legal proceedings. It criticized the Punjab and Haryana High Court for granting bail despite non-bailable warrants and ongoing proclamation proceedings.
Adarsh Credit, founded in Sirohi, Rajasthan, expanded rapidly across several states, with its headquarters in Ahmedabad. It attracted nearly Rs 14,682 crore in investments from around 20 lakh people, over 70% of whom were from Rajasthan.
The scam came to light when founder Mukesh Modi and his family were accused of running a Ponzi scheme and diverting Rs 8,400 crore through shell companies. In 2018, the Central Registrar of Cooperative Societies (CRCS) ordered its liquidation and appointed H.S. Patel, IAS (Retd.), as liquidator.
However, seven years on, over 18.49 lakh depositors are still waiting to recover their money, as authorities continue efforts to trace assets and secure justice.
