8. ADARSH THOUGHTWORKS SCAM OF Rs. 53 CRORES IN BIGGEST COOPERATIVE SCANDAL OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI, RAJASTHAN

ADARSH THOUGHTWORKS SCAM OF Rs. 53 CRORES IN BIGGEST COOPERATIVE SCANDAL OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI, RAJASTHAN -  It is an unique and unimaginable scam done by Mr. Mukesh Modi and his brother Virendra Modi showing themselves farmers and Mr. Mukesh Modi abstracted Rs. 52,83,26,641/- (17,83,26,641/- + 35,00,00,000/-) from Adarsh Credit Cooperative Society LTD. (ACCSL) and in the years 2008-09 to 2012-13. In this scam, it is surprising that this fake and farji company i.e. Adarsh Thoughtworks Pvt. Ltd. remained out of net of Incometax Department. This scam also proved that Mr. Mukesh Modi means Lawlessness and Lawlessness means Adarsh Credit Cooperative Society Ltd ?

What is Adarsh Thoughtworks Pvt. Ltd ?

Adarsh Thoughtworks Private Limited is a company promoted by Mukesh Modi (showing himself Farmer) and his brother Virendra Modi (showing himself Farmer) with paid up share capital of Rs. 1,00,000/-  which was registered on  29.08.2008 (at an address of Ahmedabad) by Registrar of Companies, Gujarat. I consulted at least 5 chartered accountants to understand the object and business of this Adarsh Thoughtworks Private Limited from it’s Memorandum of Association, Audit Reports and balance-sheets but I could not understand the object and business of this company and we all reached to the conclusion that it is fake and farji company to eat / swallow the funds of Adarsh Credit Cooperative Society Ltd. and till 31.03.2013, Mukesh Modi’s this company, perhaps has eaten about Rs. 52,83,26,641/- crores of Adarsh Credit Cooperative Society Ltd. (ACCSL).

Adarsh Thoughtworks Private Limited had disclosed/accumulated losses of Rs. 18,530/- on 31.03.2009, Rs. 2,94,31,102/- on 31.03.2010, Rs. 8,60,65,025/- on 31.03.2011, Rs. 11,86,56,437/- on 31.03.2012 and 15,04,48,783/- on 31.03.2013. All the debtors and creditors of this company seems to be totally false and artificial. This is proven fact that this company never earned a single rupee as income. Balance-sheet value of share was always in minus [Less than ‘0’ (zero)] and despite that fact, super intelligent Mukesh Modi could sell the shares at premium of Rs. 155/- per share to Adarsh Credit Cooperative Society Ltd.. What a cooperative intelligence, Sir, Ji ?

How the first part of scandal carried out by Mukesh Modi

After investment of Mukesh Modi and Virendra Modi of Rs. 1,00,000/- as share capital for registration of company, 50000 shares of Rs. 10/- valuing Rs. 5,00,000/- were allotted to one Mr. Rajaneesh Dass (Of IIM Ahmedabad) free of cost on 30.05.2009 and on the very same day, Mr. Mukesh Modi abstracted and invested Rs. 3,25,00,000/- of Adarsh Credit Cooperative Society Ltd. (ACCSL) with this company and ACCSL was allotted 500000 shares of Rs. 10/- in Rs. 3,25,00,000/- charging premium of Rs. 55/- per share. 

In the second round, Mr. Mukesh Modi abstracted and invested total Rs. 12,26,40,393/- of Adarsh Credit Cooperative Society Ltd. (ACCSL) with this company during the year 2010-11 and ACCSL were allotted 4,40,000 shares of Rs. 10/- in Rs. 7,26,,00,000/- charging premium of Rs. 155/- per share on 12.08.2010 and Rs. 5,00,40,393/- were kept as share application money with this company.

In the third round, Mr. Mukesh Modi abstracted and invested total Rs. 2,31,86,248/- of Adarsh Credit Cooperative Society Ltd. (ACCSL) with this company during the year 2011-12 and ACCSL were allotted 4,13,494 shares of Rs. 10/- in Rs. 6,82,26,510/- charging premium of Rs. 155/- per share on 22.03.2012 and Rs. 50,00,131/- were kept as share application money with this company.

In total 3 rounds in above mentioned 3 years, Mr. Mukesh Modi abstracted and invested total Rs. 17,83,26,641/-  of ACCSL with this company as non-refundable share capital which means entire amount of Rs. 17,83,26,641/- of Adarsh Credit Cooperative Society Ltd. (ACCSL) has become ‘0’ (zero) and shareholders of ACCSL has lost Rs. 17,83,26,641/- as part of scandal of Mukesh Modi.

How the Second Part of scandal carried out by Mukesh Modi

Hey Bhawan ? See the scam intelligence of Mukesh Modi.  As mentioned in the first part, Adarsh Credit Cooperative Society Ltd. (ACCSL) became of shareholder of Adarsh Thoughtworks Pvt. Ltd. and this company was almost 96% subsidiary company of Adarsh Credit Cooperative Society Ltd. (ACCSL) whereas ACCSL has no such lawful authority of holding a subsidiary company. By making transfer entries or by rotating the money, Adarsh Thoughtworks Pvt. Ltd. also became artificial share holders of ACCSL and it was holding share capital of Rs. 8,51,45,100/- as on 31.03.2013. Resultantly, ACCSL increased it’s share capital by Rs. 8,51,45,100/- out of his own funds invested with Adarsh Thoughtworks Pvt. Ltd. (ATWPL) . Now, resultantly, ACCSL has lost it’s 17,83,26,641/- and Adarsh Thoughtworks Pvt. Ltd. is earning dividend from ACCSL from  funds of ACCSL itself.

How the Third Part of scandal carried out by Mukesh Modi

Hey Bhawan ? Mukesh Modi Ka Dil Abhi Bhi Nahi Bhara.  Scam is not yet over. Mukesh Modi also abstracted loan of Rs. 35,00,00,000/- from ACCSL for Adarsh Thoughtworks Pvt. Ltd.(ATWPL) and out of that or additionally, 6,00,00,000/- loan was given interest-free (0% Interest). As per auditors comment, I could not conclude whether the loan was of 35,00,00,000/- or of 41,00,00,000/- and it is not understandable what the auditor concluded.

Fabricated Balancesheets of Adarsh Thoughtworks and role of Auditors

As mentioned here-in-above, that no one can judge from Audit Report and Audited Balance-sheets, what is the business of Adarsh Thoughtworks Pvt. Ltd and auditors totally failed to put the true and correct picture of Adarsh Thoughtworks Pvt. Ltd. In fact, it was not the matter of failure of Auditors but it was the matter of Auditors involvement in the scam. I would like to draw attention of all concerns that as mentioned here-in-above, share premium of Rs. 18,72,91570/- was abstracted from Adarsh Credit Cooperative Society Ltd but this amount is missing from Audited Balance-sheet as on 31.03.2013 of Adarsh Thoughworks. In the balance-sheet as on 31.03.2013, opening share premium was shown only for Rs. 10,31,57,647/- and no fresh share premium in 2012-13 whereas truly, Share premium as on 31.03.2012 was Rs. 12,32,00,000/- and  fresh premium of Rs. 6,40,91,570/- was also abstracted / received during 2012-13. Hey Bhagwan, Ese Beiman Auditors Ka Kya Kare ?

No TDS by Adarsh Thoughtworks and role of Auditors

Adarsh Thoughtworks paid interest for crores of rupees to Adarsh Credit Cooperative Society Ltd but without deducting any tax at source and very surprisingly, auditors did not point out this failure in their audit report. True fact is this that Adarsh Credit Cooperative Society is not a bank but Mr. Modi and his team is befooling the public saying that Adarsh Credit Cooperative Society Ltd. is  a bank.

Sorry friends, I never saw such a Gorakhdhandha or fraud like this scam and it is surprising that all govt. authorities including Incometax Authorities of Ahmedabad, Registrar of Companies, Gujarat, Central Register, Cooperative Societies, New Delhi,  R.B.I and Auditors are either just spectators (Darshak like Dharatrashtra) or are in pocket of Mukesh Modi and that is why Mukesh Modi is looting and befooling the poor public of India. All the information discussed here-in-above is available on govt. website www.mca.gov.in and if any person has any doubt, please check the data with expert approach from www.mca.gov.in . What a cooperative Idea Sir Ji  for looting the poor public ?

More ever, I am putting every thing in public domain and Mr. Mukesh Modi has opportunity to make his comments publicly. I also challenge and give the public opportunity to Mr. Mukesh Modi to falsify above allegations if he has any thing to say.