While dealing with the claim application filed by one of the depositors of beleaguered Adarsh Credit Cooperative Society, the Rajasthan High Court has directed the Central Government to take a decision on the application filed by the petitioner within a period of ninety days.
This was filed by Chetan Choudhary from Barmer. The matter was listened to virtually and the copy of Judgement is with Indian Cooperative.
In its order, Honourable Justice Dinesh Mehta wrote, “The Central Government, Superintendent of Police and Adarsh Credit Cooperative Society are directed to take a decision on the application filed by the petitioner expeditiously, preferably within a period of ninety days from the date of receipt of a copy of this order strictly in accordance with rules and guidelines governing the field”.
“The limited grievance that the petitioner has raised in this case is that the petitioner had made certain deposits in the Adarsh Credit Co-operative Society Ltd under various schemes and heads, however, subsequently the Adarsh Credit Cooperative Society establishment has been closed and at the instance of Central Government, a liquidator was also appointed”, the order copy.
It further reads that “The counsel for the petitioner submits that meanwhile the deposits of other creditors have been released, however, the deposits made by the petitioner have not been released. The petitioner makes a limited prayer that the respondents may be directed to take a decision on the claim application of the petitioner for seeking the release of the amount lying deposited with the Adarsh Credit Cooperative Society”, it reads.
Earlier, Lok Sabha MP from Churu (Rajasthan) Rahul Kaswan (BJP) raised the issue related to the beleaguered Adarsh Credit Cooperative Society during Zero Hour in the House in the Winter Session and wanted over 20 lakh gullible investors to be paid back their hard-earned money. Their money has been stuck in this society for the past many years, he said.
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.