The ED has officially taken Adarsh Credit Cooperative Society’s properties worth Rs 1,489 crore for swindling money from public deposits, reports PTI. The properties are land and buildings and Adarsh Group’s fixed deposits/balance in various bank accounts.
The attachment of properties has been carried out under the Prevention of Money Laundering Act, 2002 (PMLA). The ED had begun probing the matter based on an FIR lodged in December, 2018 against Mukesh, Rahul and others.
Earlier, the Rajasthan Economic Offence 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.
Meanwhile, Ahmadabad based liquidator H S Patel, who was appointed by the Central Registrar has been stopped by the Gujarat High court from carrying out the liquidation. The next move by the Central Registrar is yet not clear.Ra