6. ROLE OF CORRUPTION IN BIGGEST COOPERATIVE SCANDAL/ SCAM OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN)

<strong>ROLE OF CORRUPTION  IN BIGGEST COOPERATIVE SCANDAL / SCAM  OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN)  – </strong>As discussed in episode-5, both the Adarsh Coop. Bank and Adarsh Credit Cooperative Society have violated many lawful provisions in last about 10 years and remained involved in many unlawful activities but without any serious action from relevant govt. authorities.

<strong>RBI officers / Auditors :</strong>

There is no control of RBI over Adarsh Credit Cooperative Society Ltd but Adarsh Bank is under the control of Reserve Bank Of India. RBI authorities were / are well aware of unlawful activities of Adarsh Bank but no serious action was taken against Adarsh Bank as Mr. Mukesh Modi and his agents have managed them by paying very high amount of bribes. Crores of rupees of loans were given by the bank in the benami names and/or without any security and/or to Mr. Mukesh Modi’s own alliance for real estate and wine business. Bank has given loans of more than 100 Crores for just share capital of Rs. 10.00. What a cooperative idea Sir, Ji ?

<strong>Central Registrar, Cooperative Societies :</strong>

Both Adarsh Bank and Adarsh Credit Cooperative society is controlled and regulated by Central registrar, Cooperative Societies but this authority is total in the pocket of Mukesh Modi. As per my best knowledge, this authority has not taken any action till now against both the societies despite the many serious violations of lawful provisions. In these circumstances, Mr. Mukesh Modi has become cooperative king which will result in to total failure of these both societies. What a cooperative idea Sir, Ji ?

<strong>Income-tax Authorities : </strong>

Before the action of Mr. T.C.Gupta, Asstt. Commissioner of Incometax, I.T.Department was also under the control of Mr. Mukesh Modi but after the search against Adarsh/Modi group, Income-tax Authorities came to know about unlawful activities of this group which resulted in to incometax demand of around Rs. 150 Crores. To save and hide from the honest and serious actions of I.T.Authorities, Adarsh Society has gone under the shelter of Incometax Settlement Commission after paying about 8 Crores and also approached to Rajasthan High court to get stopped the recovery and other pending actions. If honest actions will be allowed to Incometax Autrhorities, incometax and penalty demand may be raised to the extent of more than 1000 Crores.

<strong>Income-tax Settlement Commission :</strong>

After the RBI Officer and Central Registrar, Mr. Mukesh Modi’s whole expectation is from Income-tax Settlement Commission and he will try his best to manage / purchase the members of Settlement Commission but Mr. Modi has forgotten this fact that settlement commission is an organizations of  honest retired officers and therefore, he will not be able to purchase such honest authorities.