Adarsh Credit Cooperative Society (ACCSL) Scam: Rajasthan SOG arrests 11
Jaipur: Rajasthan special operations group (SOG) on Saturday revealed that the agency has arrested 11 people in connection with alleged scam by Adarsh Cooperative Society Limited. The scam amounts to thousands of crores.
The SOG held a press conference with regard to scam and said that those arrested include the current and former chairmen and MDs of the company.
“We received information in August 2018 that the Adarsh Cooperative Society Limited run by one Mukesh Modi has 806 branches in 28 states and 4 union territories across the country including Rajasthan. They made 20 lakh members luring them into investing through the cooperative society. Unrealistic returns were promised. The total amount of money invested by 20 lakh people amounts to nearly Rs 8,000 crore,” said a senior SOG official.
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 wife and son-in-law were shown as advisors so that the payment could be made. They extended no services,” said the officer.
After receiving these complaints, SOG registered an FIR under sections 406, 409, 420, 467, 468, 471, 477A and 120B of IPC on December 28 and launched an investigation. The probe was conducted by SOG, Delhi add SP Satyapal Mishra.
It came up during the investigation that money invested by people through Adarsh Cooperative Society was reinvested illegally in shell companies. These shell companies provided loans to people without any collateral. There were discrepancies in the records of the loan instalments paid by the borrowers. The money invested by the people through Adarsh Cooperative Society was misused, the officer added.
The company management including Mukesh Modi allegedly set up a consultancy firm Mahaveer Consultancy in the name of his family members including his wife. The consultancy firm was illegally paid Rs 720 crores despite the fact that no services were rendered. Similarly, Rs 270 crore ex-gratia payment was made to family members in the violation of the MSCS Act and society bylaws.
Moreover, the cooperative society MD Rahul Modi benefited his family members and acquitances illegally by setting up shell companies.
Following people were arrested by the SOG after investigation:
- Virendra Modi – ex-chairman of ACCSL
- Kamlesh Choudhary – ex-chairman of ACCSL
- Ishwar Singh Sindhal – Chairman of ACCSL
- Priyanka Modi – Ex- MD of ACCSL
- Vaibhav Lodha – senior vice president of ACCSL
- Sameer Modi – CFO of ACCSL
- Rohit Modi – Assistant MD of ACCSL
- Bharat Modi – Director Aditya Mega Project Private Limited
- Bharat Das Vaibhav – director Tectonic Infrastructure Private Limited
- Lalita Rajpurohit – Ex MD of ACCSL
- Vivek Purohit – director in six companies of ACCSL