H S Patel, the man who is at the centre of attention of lakhs of depositors of the beleaguered Adarsh Credit Co-operative has talked to Indian Cooperative explaining the challenges being faced by him in doing justice to the job on hand-that is an amicable resolution of the dispute of Adarsh Credit Cooperative Society.
Because of account freezes and properties attached by several probe agencies, H S Patel, IAS (Retd.), who had been appointed as the liquidator in the beleaguered Adarsh Credit Cooperative Society finds himself helpless to pay back the money of gullible investors.
In a telephonic communication with Indian Cooperative correspondent Patel said, “I find difficulty in winding up of fraudulent Adarsh Credit Co-operative because Enforcement Directorate and other probe agencies have attached properties and frozen accounts of the society. Due to this I am unable to sell/auction properties to pay back the money of investors”, he added.
“Three months back I had written a letter to the concerned authorities including Central Registrar, Secretary of Ministry of Corporate affairs and others for releasing the attached properties but I am still waiting for the response from the authorities”, Patel said.
He further said when the government of India releases the attached properties only then can I act. Nothing can be done prior to this as I am helpless.
Earlier, in an interview given to one of the leading Hindi Daily newspapers, Union Agriculture Minister Narendra Singh Tomar claimed that the liquidator is appointed and he is doing his work according to the rules and regulations. However, the reality on the ground is just the opposite: the liquidator finds himself helpless about paying back the money of investors.
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.
Due to their mismanagement, gullible investors are forced to run from pillar to post to get back their hard-earned savings. They have also met Union Agriculture Minister Narendra Singh Tomar and have also submitted a memorandum at PMO.
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.
Twenty lakh people invested Rs 14,682 crore over 8 years in Adarsh credit society.