Adarsh Cooperative Society scam: Rs 100 crore invested by Jaipur residents
Jaipur: Thousands of investors from Jaipur has fallen victim to the alleged scam by Adarsh Credit Cooperative Society office bearers. Jaipurites invested over Rs 100 crore in the company, sources said.
The company 806 branches in 28 states and 4 union territories across the country including Rajasthan. More than 20 lakh people invested Rs 8000 crore. The SOG has arrested 11 former and current officials of the company including chairmen and MDs.
The company’s alleged fraudulent activities came under the radar of authorities after the Income Tax department carried out raids at its offices in Sirohi and Jaipur in 2009. The IT department had claimed that the company’s two branches was involved in a financial fraud of Rs 10 crore at that time. The illegal transactions were also exposed following which the Reserve Bank of India issued a notice.
Adarsh Cooperative Society has seven branches in Jaipur alone. These branches are located in Mansarovar, Chandpole, Tonk Road, Tilak Nagar, Jyoti Market and Chaura Rasta. Rs 100 crore invested by people from Jaipur are now stuck, sources said.
The company promised unrealistic returns on the investments made by people, SOG officials said.
“They promised a higher interest rate luring people into opening accounts with the company,” said the officials.
The SOG received the complaints that the funds invested by the people were misused. Mukesh Modi and his partner Virendra Modi made ex-gratia payment of Rs 270 crore to their son, daughter and son-in-law in the past few years, the officer said.
The SOG also got to know about payments amounting to Rs 720 crore made to Mukesh Modi’s wife and son-in-law in the past three years.
The SOG has arrested Virendra Modi, Kamlesh Choudhary, Ishwar Singh Sindhal, Priyanka Modi , Vaibhav Lodha, Sameer Modi, Rohit Modi, Bharat Modi, Bharat Das Vaibhav, Lalita Rajpurohit and Vivek Purohit.