The Central Registrar of Cooperative Societies, Department of Agriculture, Cooperation and Farmers’ Welfare, Ministry of Agriculture and Farmers’ Welfare, Government of India has passed an Order for winding up the Adarsh Credit Cooperative Society Ltd., Ahmedabad.
In a press release dated 29th November, 2019 the govt agency quotes “It has appointed a Liquidator for the purpose under the provisions of the MSCS Act, 2002 (& Rules made thereunder) today.”
The release adds “The Adarsh Credit Cooperative Society Ltd., Second Floor, 14 VidyaVihar Colony, Opposite Hotel Fortune Landmark, Usmanpura, Ahmedabad-380013, Gujarat has been found to indulge in misusing the funds of the members/ depositors for personal gains, indulged in gross irregularities and has violated Cooperative Principles.”
Earlier, the ED had officially taken Adarsh Credit Cooperative Society’s properties worth Rs 1,489 crore for swindling money from public deposits. The properties are land and buildings and Adarsh Group’s fixed deposits/balance in various bank accounts.
The Rajasthan Economic Offence has already filed a charge-sheet which found Modis guilty of fraud and forgery and duping lakhs of helpless investors of their hard-earned money.
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).
The investigators found link between 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.
The 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.