Adarsh Credit: Tomar breaks silence only to talk about “procedures”

Breaking his long silence on the issue of the beleaguered cooperative Adarsh Credit Cooperative Society, Union Agriculture Minister Narendra Singh Tomar said the Central Government is making efforts to pay back the money of helpless investors of the society.

Tomar said while addressing the Program of Hindi newspaper Patrika held through video conferencing recently.

Union Agriculture Minister said, “Adarsh Credit cooperative society has gone into liquidation. In such circumstances when liquidators are appointed they work according to the rules and regulations. Everyone should be assured that their money will get back. The Center is trying to return the money to all stakeholders”, he added.

Replying to the question, why the government is not giving relief to the investors of Adarsh Credit Cooperative Society, Tomar said, “A government does not run on its own, the government runs by law. When such a situation arises then administrators are appointed in a society. The government is keeping an eye on this matter and efforts will be made to pay back the money of investors”, he concluded.

Earlier, Indian Cooperative reported in these columns that the Coronavirus outbreak has created a big problem for the people who had invested their hard earnings in the beleaguered cooperative. In the current situation, it has become difficult for investors to make both ends meet.

Several investors urged Prime Minister Narendra Modi to intervene in the matter and remove the liquidator and appoint an administrator to regulate the credit cooperative.

Meanwhile, they have launched the “Save Adarsh Credit” campaign on social media platforms to fight for their rights.

Beginning in Sirohi in Rajasthan, Adarsh Credit branched off to Haryana and Gujarat with its headquarters in Ahmedabad. More than seventy percent of investors are said to belong to Rajasthan.

The founder chairman of Adarsh Credit Co-op Mukesh and his family members are alleged to have run Ponzi schemes and floated several fake companies to which they diverted Rs 8400 crore.

Twenty lakh people invested Rs 14,682 crore over 8 years in Adarsh credit society.