No sign of relief for those who had invested their hard money in Adarsh Credit Cooperative Society because the Central Registrar of Cooperative Societies (CRCS) Vijay Kumar has again extended the term of liquidator appointed for the society.
The order released from the office of central registrar which is signed by Vijay Kumar, Central Registrar of Cooperative Societies, reads, “The completion of Liquidation work of Adarsh Credit Cooperative Society Ltd., Ahmedabad, Gujarat will require more time and it has been deemed expedient to extend the term of the Liquidator for a further period of twelve months from November 29, 2023”.
“Therefore, in continuation of this Department’s Order dated 10.11.2022, the term of the Liquidator of Adarsh Credit Cooperative Society Ltd., Ahmedabad, Gujarat is hereby extended by one year or till further orders whichever is earlier. The liquidator is requested to complete the liquidation work within the given period”, the order copy further reads.
Talking to the Indian Cooperative on the phone one of the officials at the Liquidator office said, “The matter is subjudice in the court. The Enforcement Directorate and other probe agencies have attached properties and frozen the accounts of the society. Due to this we are unable to sell/auction properties to pay back the money of investors. The next date for hearing is scheduled for 14th December 2023”.
It bears recall that the CRCS had given the order for liquidation of Adarsh Credit Cooperative Society sometime in 2018 and appointed HS Patel, IAS (Retd.) as the liquidator. Five years have passed but gullible investors are still moving pillar to post to get back their money.
Several investors took to social media, asking the central government, especially Prime Minister Narendra Modi to intervene in the matter and help lakhs of helpless investors in getting their money back.
“It was easy in the case of Sahara because the amount is with the SEBI but in the matter of Adarsh Credit Co-op Society, we have to sell the assets of the society to pay out the money of depositors and the discussion with the stakeholders is going on”, Shah added.
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.