The Charge-sheet filed by the Rajasthan Economic Offence Wing has found Modis guilty of fraud and forgery and duping lakhs of helpless investors of their hard earned money. One of the investigative officers said” This is the largest cooperative society fraud that the country has ever seen,” quotes TOI.
Though preliminary in nature, the charge sheet runs into forty thousand pages. It has named more than a dozen people accused as of now (mostly related to Mukesh Modi-the kingpin). But more arrests cannot be ruled out as more and more investors affected by the Adarsh Credit Co-op scandal are coming to us, said the official.
The investigators are said to have done a thorough job by corroborating the statements of investors with the entries of seized computers. “There is ample evidence of diversion of funds”, they alleged.
Beginning in Sirohi in Rajasthan, Adarsh Credit branched off to Haryana and Gujarat with its headquarters in Ahmadabad. More than seventy percent of investors are said to belong to Rajasthan.
Only last month hundreds of investors in the Adarsh Credit Cooperative Societies rushed to the office of Special Operation Group (SOG), Near Ghat Gate in Jaipur, Rajasthan demanding their money back.
They protested outside the SOG office and demanded a fair investigation. The protestors also gave a memorandum to DG of SOG. Modis are accused of duping more than 20 lakh depositors in the name of cooperative.
The arrested founder chairman of Adarsh Credit Co-op Mr Mukesh and his family members are alleged to have run Ponzi schemes and floated several fake companies to which they diverted Rs 8400 crore. Economic Wing has found instances of blatant fund diversion to private persons’ accounts, sources add.
Mukesh Modi, the man behind Adarsh is said to be a member of BJP and RSS. It is also being rumoured that he fell out with the BJP strongman Amit Shah, who, some conjecture, got the current action initiated against him.
ABP News, on the other hand, claims credit for exposing the scam. It is said that one of the disgruntled employees of Adarsh Credit approached the channel with incriminatory documents, enough to nail the top management.
Whatever the truth, the fact remains that the investors are forced to run from pillar to post to get back their hard earned savings.
Rahul Modi, the nephew of Mukesh Modi headed the co-op organization as MD and promised moon to investors in Adarsh’s hey days. The junior Modi was a regular participant in Delhi’s cooperative conferences where he would show off as a highly successful co-operator. Alas! All that is exposed now.
While Ahmadabad based liquidator H S Patel is working on the process of liquidation of Adarsh Credit, the Central Registrar office has no update on the matter. Its website merely says” Liquidation underway”, leaving lakhs of investors uncertain about their future.
Had it been any developed country, govt would have come with daily update if not hourly on the situation, said an NRI who stays in USA. We are peeved at govt slow response also because not a day passes when Indian Cooperative desk does not receive mails from poor investors. It is high time, the central government stepped in with a sense of urgency to help investors recover their money.
