After writing to PM & FM, Adarsh victims meet Abohar MLA

The investors of the beleaguered cooperative Adarsh Credit Cooperative Society met their area MLA expressing their woes in the wake of Adarsh Credit Co-op scam. Tired of petitioning before everyone from the Prime Minister to Finance Minister, these helpless victims poured their hearts out before Arun Narang, MLA from Abohar in Fazilka district of Punjab recently.

MLA Arun Narang assured that he would take up the matter with Minister of State for Finance Anurag Thakur soon and try to provide relief to investors as soon as possible.

One of the members present on the occasion said that the society in Abohar was opened ten years ago and was consistently paying back the money of its investors but after the corona virus restrictions the society stopped paying back our hard earned money.

They urged the MLA to intervene in the matter and resolve the issue at the earliest. On an average Rs 20 crore have been deposited in the co-op society of Abohar city.

Due to non-payment, 350 advisors and 20,000 investors are facing a lot of problems. He said there were transactions with more than 800 branches across the country.

It is not the first time investors have written a letter to the Union Minister of State for Finance but earlier on several occasions they have written a letter to the Union Finance Minister and even urged the PM to intervene in the matter. The efforts of investors are still in vain.

Meanwhile, H S Patel, the man who is tasked with the liquidation of the beleaguered Adarsh Credit Co-operative, said due to ED probe he is not able to do justice to the victims.

Because of account freezes and properties attached by several probe agencies, I find it difficult to pay back the money of gullible investors. Enforcement Directorate and other probe agencies have attached properties and frozen accounts of the society.

It bears recall that last year in October, ED had attached the properties worth Rs 1,489 crore of Adarsh Credit Co-op Society.

Meanwhile, helpless depositors urged the central government to remove the liquidator and appoint a regulator to take care of the credit cooperative. They have also demanded an immediate relief package of Rs 5k crore.

Mukesh Modi the founder chairman of Adarsh Adarsh Credit Co-op 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.