3. BIGGEST COOPERATIVE SCANDALS OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN) – UNLAWFUL SHARE CAPITAL HOLDINGS

BIGGEST COOPERATIVE SCANDAL OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN)  –  UNLAWFUL SHARE CAPITAL HOLDINGS.  Adarsh Bank and Adarsh Credit Co-operative Society are controlled by Mukesh Modi like a family shop unlawfully. Modi-Adarsh group’s Adarsh Credit Cooperative Society Ltd is/was controlled and managed by Mr. Mukesh Modi and/or his brother Virendra Modi and/or his daughter Priyanka Modi and/or his close-aid Lalita Rajpurohit. Not only the management, material part of the capital of this society and bank is/was also held by this family and allies but the material part of dividend was also received by Mr. Mukesh Modi or his aids and all these are going on behind the curtain of ‘Co-operative Status’ on the indirect support of Central registrar, Co-operative Societies, Delhi and RBI Officer at the cost of heavy corruption. If you want to see and listen lively, you please see the video of Mukesh Modi on utube on this link http://www.youtube.com/watch?v=dlS1Sp2Vh3A and you will find that how  he is whole and sole of the society.

As per the law of the land, not a single person can hold more than 20% share capital of these bank and society but these both the alleged institutions totally contravened the law of 20% shareholding and   all Central registrar, Co-operative Societies, RBI, Auditors closed their eyes on these unlawful activity of these institutions. Particularly, Adarsh Credit Cooperative Society Ltd started working in 2004-05. As on 31.03.2005, out of total capital of Rs. 2.12 Crores, capital around 2.10 Crores (99.4%) was held by only 3 persons of Mukesh Modi and his alliance. What a nice co-operative idea, Sir ji ?

As on 31.03.2006,  Adarsh Credit Cooperative Society Ltd was having of total share capital of Rs. 12.84 Crores out which  capital of around  12.70 Crores  (98.9%) was held by only 5 persons of Mukesh Modi and his alliance and as on 31.03.2007, only 13 persons of Mukesh Modi and his alliance were holding 94.8% (Rs. 14.16 Crores) out of total share capital of Rs. 14.93 Crores. What a nice co-operative idea, Sir ji ?

As on 31.03.2008,  society was having of total share capital of Rs. 20.95 Crores out which  capital of around  16.21 Crores  (77.3%) was held by only 14 persons of Mukesh Modi and his alliance and as on 31.03.2009, only 15 persons of Mukesh Modi and his alliance were holding 75.53% (Rs. 28.97 Crores) out of total share capital of Rs. 38.36 Crores. What a nice co-operative idea, Sir ji ?

Likely  only 0.01% shareholders (Of total share holders) of Mukesh Modi and his alliance were holding minimum 40% (Rs. 28.97 Crores which is in fact much more) out of total share capital of Rs. 50.49 Crores as on (31.03.2010). What a nice co-operative idea, Sir ji ?

In the year, 2090-10 and 2010-11, 40% to 50% share capital of Adarsh Bank was enjoyed by Adarsh Credit Cooperative Society Ltd in contravention of Banking Regulation Act and the relevant Co-operative Law. When this unlawful holdings  were noticed by RBI, share capital of society in bank was removed just by window dressing by befooling the RBI and it’s investors. RBI and Central Rergistrar is just playing the role of  ‘Dhrutrastra’  under the blinding tap  of heavy corruption of Mr. Mukesh Modi.

True position of share capital is continuously in contravention of BR Act and Coooprative Laws even till today and now, all the poor investors are at heavy risk as curtain has been removed. In the recent judgement of Bombay High court, it has been held that deposits of public and any co-operative society with any co-operative bank is only secured up to Rs. 1.00 Lakh only and therefore, deposits of crores of rupees of this alleged society with this alleged Adarsh Bank is at great risk but It is surprising that Central /State Govt. is totally ignorant as Mr. Mukesh Modi is the man power and money.

2. BIGGEST COOPERATIVE SCANDAL OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN)- ISSUES OF SCAM

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 :-

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

2. 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.

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

4. 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.

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

6. 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.

7. 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.

8. 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.

9. 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.

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

11. 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 .

12. 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.

13.Authorities of Incometax Department has come to know about the entire scandal 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.

14. Mr. Modi, his family members and their allies may be prosecuted and sent to jail in near future.

15. 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.

16. 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.

17. 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. 

18. 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 …………….

It may also be read on www.blogger.com / www.blogspot.com,www.wordpress.com and on facebook > Jago Bhai and Group - Modi’s Adarsh Scandal Alerts.
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1. BIGGEST COOPERATIVE SCAM OF INDIA BY ADARSH GROUP OF MUKESH MODI OF SIROHI (RAJASTHAN)– ARE ADARSH BANK AND ADARSH CREDIT COOPERATIVE SOCIETY LTD, CO-OPERATIVE INSTITUTIONS OR A CLOSELY HELD FAMILY BUSINESS ?

BIGGEST COOPERATIVE SCAM OF RAJASTHAN BY MUKESH MODI OF SIROHI – ARE  ADARSH BANK AND ADARSH CREDIT COOPERATIVE SOCIETY LTD, CO-OPERATIVE INSTITUTIONS OR A CLOSELY HELD FAMILY BUSINESS ?

Now-a-days,Adarsh-Modi Group’s Adarsh Credit Co-operative Society Ltd. (Adarsh Society) and Adarsh Co-op. Bank Ltd. (Adarsh Bank) are very much in lime light. Adarsh Society has opened it’s more than 750 branches in India posing it self as a  Bank and perhaps, claiming to be biggest multistate society of India. On the strength of publicity and their highly paid agents, they succeeded in getting huge deposits on very high interest rate but unfortunately, depositors are unknown about the reality of the group who is just befooling and cheating the depositors/public at large.

True fact is this that these both alleged institutions are not at all co-operative institutions but these are much less than a private limited company. Group superemo Mr. Mukesh Modi and his family is real owner of these both bank and society behind the curtain by misusing the co-operative law. No doubt, on the strength of money, he has succeeded in managing concerned officers of  RBI, Central Registrar, Co-op. Societies and other Govt. Authorities to hide the reality behind the curtain. However, Income-tax Department definitely acted upon against this group but in absence of proper information and direction, ITD also could not succeed fully in disclosing the truth of group in public and ITD also did not open and publicize all the truths of this group to save the public at large.

Considering the various Govt. actions and awareness of some depositors / shareholders of alleged Bank and Society, It  is our presumption that Adarsh Society and Adarsh bank will be bankrupt (Diwaliya) till 30th June, 2014 and many depositors may loose their deposits and share capital. To handle this future crucial situation, Mr. MukeshModi is trying to ride over BJP, RSS  and P.M. in waiting Shri Narendra Modi and trying to get BJP ticket for <strong>Loksabha Election from Jalore-Sirohi Constituency.</strong>

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 an  introductory start……. Keep on reading on “Modi’sAdarsh group”  and it’s reality” to save the nation and poor public / depositors ……………..

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 …………….

MODI’S ADARSH GROUP – ARE ADARSH BANK AND ADARSH SOCIETY CO-OPERATIVE INSTITUTIONS OR A CLOSELY HELD FAMILY BUSINESS ?

MODI’S ADARSH GROUP – ARE ADARSH BANK AND ADARSH SOCIETY CO-OPERATIVE INSTITUTIONS OR A CLOSELY HELD FAMILY BUSINESS ?

Now-a-days,Adarsh-Modi Group’s Adarsh Credit Co-operative Society Ltd. (Adarsh Society) and Adarsh Co-op. Bank Ltd. (Adarsh Bank) are very much in lime light. Adarsh Society has opened it’s more than 750 branchesin India posing it self as a Bankand perhaps, claiming to be biggest multistate society of India. On the strength of publicity and their highly paid agents, they succeeded in getting huge deposits on very high interest rate but unfortunately, depositors are unknown about the reality of the group who is just befooling and cheating the depositors/public at large.

True fact is this that these both alleged institutions are not at all co-operative institutions but these are much less than a private limited company. Group superemo Mr.MukeshModi and his family is real owner of these both bank and society behind the curtain by misusing the co-operative law. No doubt, on the strength of money, he has succeeded in managing concerned officers of RBI, Central Registrar, Co-op. Societies and other Govt. Authorities to hide the reality behind the curtain. However, Incometax Department definitely acted upon against this group but in absence of proper information and direction, ITD also could not succeed fully in disclosing the truth of group in public and ITD also did not open and publicizeall the truths of this group to save the public at large.

Considering the various Govt. actions and awareness of some depositors / shareholders of alleged Bank and Society, It is our presumption that Adarsh Society and Adarsh bank will be bankrupt (Diwaliya) till 30th June, 2014 and many depositors may loose their deposits and share capital. To handle this future crucial situation, Mr. MukeshModi is trying to ride over BJP, RSS and P.M. in waiting ShriNarendraModi and trying to get BJP ticket for Loksabha Election from Jalore-Sirohi Constituency.

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 an introductory start……. Keep on reading on “Modi’sAdarsh group” and it’s reality” to save the nation and poor public / depositors ……………..

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