MODI’S ADARSH GROUP – MODI-ADARSH GROUP’S ADARSH BANK AND ADARSH SOCIETY – INDIA’S BIGGEST SCANDLES OF MUKESH MODI IN CO-OPERATIVE SECTOR .

MODI’S ADARSH GROUP – MODI-ADARSH GROUP’S ADARSH BANK AND ADARSH SOCIETY – INDIA’S BIGGEST SCANDLES OF MUKESH MODI IN CO-OPERATIVE SECTOR .

Mr. MukeshModi the real owner of Adarsh-Modi Group’s AdarshCredit  Co-operative Society Ltd. (Adarsh Society) and Adarsh Co-op. Bank Ltd. (Adarsh Bank) is very smart and that is why he succeeded to flourish these alleged Bank and society en-cashing the greediness of investors by trapping them  through heavy advertisements and heavy commission to agents/brokers. Before detailing the each issue, today, we would like  list out few issues which will summarily show how this Modi-Adarsh group cheated the public and small investors at large. Important issues of cheating and scandles are as under :-

Both bank and society are controlled by Mr. MukeshModi like a private family trust.

In case of Adarsh Society,  society not only declared but also publicized the dividend to the extent of 70% but except Mr. MukeshModi, none of share holder/members was paid a single rupee of dividend.

Bank and Society both violated various provisions of Multi-state Co-operative Societies Act, 2002, Incometax Act,1961 and Banking Regulation Act very seriously.

No doubt, Mr. Modi succeeded in buying and mananing RBI Officers , Central Registrar Of Co-operative Societies and auditors of Bank and Society but he could not buy and manage Incometax Authorities which will result in to great loss to the Bank and Society.

Material part of share capital of bank and society is unlawful or artificial or window dressing only.

Around more than 80% funds  (More than 1500 Crores)  of the bank and/or society were lent out to two groups of Mr. Modi himself by which he made investment in benami names in wine and real estate business and therefore, loans of  more than 10 times of capital  of Bank and Society has been trapped/jammed in real estate and wine business which is not recoverable.

Many loans of crores of rupees  were disbursed to fresh members (Benami or allies of Mr. Modi) who were made members for loaning purpose only and loan was given even in absence of any required share capital. Even share capital was also artificially created by loan itself.

Minutes books of these bank and society are always kept in loose papers instead of bounded register and entire resolutions are passed in back dates as per sweet will of Mr. MOdi.

Particularly, in case of society, not a single Annual General Meeting was held in last 8 years and AGMs are fabricatedly shown on the record by forgery.

Society avoided TDS of Crores of Rupees by posing itself a Bank.

In 2011, Income-tax Department of Govt. Of India had raised (other than penalties) tax demands of around more than Rs. 150 croresagainst this Bank, Society and in personal cases of MukeshModi’s family and allies and department has already recovered about 80 Crores .

Very recently, Society surrendered itself before Incometax Settlement Commission and deposited crores of rupees in settlement Commission for settlement to save it self from Incometax Department’s actions which may create tax demands of more than 1000 Crores.

Authorities of Incometax Department has come to know  about the entire scandle of Mr. Modi under the previleges and behind the curtain of Co-operative law which will be great shock even for entire co-operative world.
Mr. Modi, his family members and their allies may be prosecuted and sent to jail in near future.

Mr. Modi and his close ally LalitaRajpurohit (now thrown out) has taken crores of rupees from the bank and society in the name of salary and incentives.

Posts of Managing Directors, Chairmans and all directors are decided by High Command Mr. MukeshModi like Sonia Gandhi in Congress but political high Commands are far behind than Mr. Modi.

Opportunity to en-cash obliged RSS and BJP by reward of Loksabha Ticket of BJP / Obliged RSS and  BJP - Heavy Official and unofficial but unlawful donations to RSS and it’s associate Organisations and free services/facilities to many high level RSS Pracharaks.

All the readers, please aware and beware of these benami co-operative bank and society and know more reality about this group as it is  one more step……. Keep on reading on “Adarsh / Modi group and it’s reality” to save the nation and poor public / depositors …………….