Around six years after the appointment of a liquidator in the well-known Adarsh Credit Cooperative Society, the Central Registrar of Cooperative Societies, Rabindra Kumar Agarwal, has once again extended the term of H.S. Patel as the society’s liquidator.
The official order, signed by Central Registrar Rabindra Agarwal, states, “The completion of the liquidation work of Adarsh Credit Cooperative Society Ltd., Ahmedabad, Gujarat, will require more time. It has been deemed necessary to extend Shri H.S. Patel’s term as the society’s liquidator,” he said.
The order further adds, “Therefore, in continuation of this office’s previous order dated 06.11.2023, the term of the liquidator of Adarsh Credit Cooperative Society Ltd., Ahmedabad, Gujarat, is hereby extended until further notice. The Liquidator is requested to expedite the liquidation work of the society,” he noted in the order.
The matter concerning Adarsh Credit Cooperative Society remains subjudice, with the Enforcement Directorate and other investigative agencies having attached properties and frozen the society’s accounts. As a result, the society has been unable to auction assets to repay investors.
Recently, Jalore-Sirohi MP Lumbaram Choudhary met with Union Home and Cooperation Minister Amit Shah to request relief for the society’s investors. He noted, “The society operated 309 branches in Rajasthan, attracting around 10 lakh investors who collectively invested Rs 8,000 crore,”he informed.
The CRCS had initially ordered Adarsh Credit Cooperative Society’s liquidation in 2018, appointing H.S. Patel, IAS (Retd.), as liquidator. However, six years later, investors are still struggling to retrieve their funds. Many have taken to social media, urging the central government, particularly Prime Minister Narendra Modi, to intervene and assist.
Founded in Sirohi, Rajasthan, Adarsh Credit expanded into Haryana and Gujarat, with its headquarters in Ahmedabad. Over 70% of its investors reportedly hail from Rajasthan.
The society’s founder, Mukesh Modi, and his family members are accused of operating a Ponzi scheme and siphoning Rs 8,400 crore into several shell companies.
Adarsh Credit amassed investments totaling Rs 14,682 crore from nearly 20 lakh people.