New Delhi: The Central Registrar of Cooperative Societies, Department of Agriculture, Cooperation and Farmers’ Welfare, Ministry of Agriculture and Farmers’ Welfare, Government of India has passed an Order for winding up the Adarsh Credit Cooperative Society Ltd, Ahmedabad, according to a Press release from the Ministry.
The Adarsh Credit Cooperative Society has been found to indulge in misusing the funds of the members and depositors for personal gains, indulged in gross irregularities, and has violated Cooperative Principles, added the release.
The Centre today appointed a Liquidator for the purpose under the provisions of the MSCS Act and the Rules made thereunder.
The Adarsh Credit Cooperative Society is a Ponzi scheme fraudulently registered under the Multi State Cooperative Societies (MSCS) Act of 2002. The Society opened in 1999, primarily to defraud and scam the public in Rajasthan.
All investments and money within the Society have been siphoned off by family members and friends of the owners to buy properties and dupe investors of funds worth Rs. 8,000 Crore.
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