• Adarsh Credit Cooperative Society scam

I had invested lacs of rupees as FD in Adarsh Credit Cooperative Society in 2017. In 2018 the society was declared fraud and its MD/investors had diverted all its money for personal gains. Maturity month of my FD was August'2019. Pls advise what should be my next course of action and is there any way i can get my money back?
Asked 2 years ago in Criminal Law
Religion: Hindu

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16 Answers

File a police complaint against the company owner under 420,406 IPC for creating fraud.

File a money recovery suit 

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

You should have filed FIR in 2018 only. File FIR without delay of cheating and criminal breach of trust.

Yogendra Singh Rajawat
Advocate, Jaipur
21482 Answers
31 Consultations

4.4 on 5.0

You have both recourse to get your money back Criminal and Civil. 

1- Please file FIR and approach EOW Crime branch jointly with other investors to take action against Adarsh Credit Co-operative Society for cheating and criminal breach of trust for the investors money. 

2- You may approach ED for action under PMLA against Credit Society and all office bearers who are Principal officers looking after day to day affairs of the Society. 

3- You may approach  individually Local Police Station based on your investment amount for registering FIR against Society for the commission of offence of cheating and Criminal breach of Trust.

4- You may file recovery suit before Court against the Society or if Amount is more than 20 lakhs then DRT for recovery of your amount. 

Ramesh Pandey
Advocate, Mumbai
2541 Answers
8 Consultations

5.0 on 5.0

1. What were you doing since 2018?

2. The cause of action arose to you in 2018 when the fraud was discovered. You ought to have filed FIR and a suit for recovery of money against the society immediately on the discovery of fraud.

3. File the civil suit even now as you are still within limitation.

4. However, a criminal case at your behest, which is a bigger deterrent, may not be maintainable now if 2 years have lapsed from the date of discovery of fraud as the limitation for the court to take cognizance of the offence of cheating and criminal breach of trust is 2 years.

5. Serve a lawyer's notice immediately to the society and then file the suit for recovery of money in the competent civil court.

Ashish Davessar
Advocate, Jaipur
30759 Answers
958 Consultations

5.0 on 5.0

File case of cheating , criminal breach of trust against MD and other directors of bank under section 406 , 420 of IPC if you do not get your money on maturity 

Ajay Sethi
Advocate, Mumbai
87215 Answers
6050 Consultations

5.0 on 5.0

1. You can file a Police FIR & EOW, requesting investigation and charge-sheet, for offences like Cheating, Intimidation, Fraud, Breach of Trust, Mischief etc.... against ALL Director/s, supported with all relevant supporting Documents, Evidences & Witnesses.

2. IF the Police does not take action, THEN you can file private criminal case u/s 156(3) Cr.P.C., in the local Magistrates court, seeking directions to the Police to investigate and file charge sheet. The said Person may come down for settlement.

3. ALONGWITH above, within three years limitation, file "Recovery Suit" in local Civil Court against all Directors and demand for Principle & Interest thereon. 

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

Well, the money seems to gave gone and there is little scope for its return.

Anyway file a civil suit for recovery of money and if the society has got any property left then on its attachment you can get back your money.

 

Devajyoti Barman
Advocate, Kolkata
22515 Answers
390 Consultations

5.0 on 5.0

You first demand the return of your maturity value of the money deposited with them.

If you do not get any positive response then you can lodge a complaint with the economics offences wing of police within your district police.

After that you can file even a money recovery suit or summary proceedings suit to recover your money in a civil court.

 

T Kalaiselvan
Advocate, Vellore
77368 Answers
1460 Consultations

5.0 on 5.0

You need to file a case under MPID Act against the said society

Prashant Nayak
Advocate, Mumbai
26719 Answers
80 Consultations

4.4 on 5.0

You can file criminal case against society and their working committee plus make complaint in the Consumer Forum. If amount is more than 10 lakhs than file in National Consumer forum.

Ganesh Kadam
Advocate, Pune
12308 Answers
184 Consultations

4.9 on 5.0

Hi 

1) The Central Registrar of Cooperative Societies,  Government of India had vide its order dated 29 November 2019 has ordered for winding up of  Adarsh Credit Cooperative Society Ltd, Ahmedabad (https://mscs.dac.gov.in/MSCS/UploadsDocs/Circulars/Cir_2_[deleted]_New%20MX-M464N_20191129_190134.pdf )

 

2) The Central  government  has  appointed a liquidator Sh. H. S. Patel, I.A.S.(Retd) and you should file your claims statement at the very earliest  before the said Liquidator appointed by the government. 

 

3) The addresses of the Liquidator are as follows:

a)  Shri.H.S.Patel , I.A.S (Retd)

Liquidator for Adarsh Credit Co-Operative Society Limited

(Multi-State), Adarsh Bhawan, 14, Vidhya Vihar Colony, Usmanpura,

Ashram Road, Ahmedabad-380054.

 

b) Shri. H.S. Patel , I.A.S(Retd)

Liquidator for Adarsh Credit Cooperative Society Limited 

Plot number 338, Sector No 8B, 

CH Road, Gandhi Nagar, Gujarat -382007

 

4) In general, the liquidator will have visibility on assets and liabilities of the society and will

a) First pay out Rs1,00,000-/- to each depositor under the DICGC scheme and

b) Sell the assets of the society and thereafter from the proceeds , distribute the monies to  various depositors in a pro rated basis , subject to approval of the distribution scheme by government and high court. 

 

5) In your case since, your deposit matured in Month of August 2019 which is prior to winding up order, you will be ranked higher in list of creditors .

Hope this information is useful

 

Rajgopalan Sripathi
Advocate, Hyderabad
2169 Answers
394 Consultations

5.0 on 5.0

You may register FIR  and institute a criminal case against the society. You may also also institute recovery suit of civil nature. . 

Mohammed Mujeeb
Advocate, Hyderabad
19012 Answers
32 Consultations

4.5 on 5.0

Dear Sir,

You are suggested to file the case/police complaint against the MD and promoters of the society.

Ganesh Singh
Advocate, New Delhi
6646 Answers
16 Consultations

4.5 on 5.0

1. You should have lodged FiR against directors of adarsh cooperative society when fraud came into public.

2. You can now file recovery suit against directors of society to get your money back

Mohit Kapoor
Advocate, Rohtak
10688 Answers
7 Consultations

5.0 on 5.0

File an fir against them immediately. Also file a case for recovery of your money in a civil suit in the civil court.

Rahul Mishra
Advocate, Lucknow
13678 Answers
62 Consultations

5.0 on 5.0

- You should issue a legal notice for getting refund the FD amount , even the company has been declared fraud . 

- Further if no response , then file a complaint before the police and Economic wing . 

- Further, if action taking place, then file a complaint before the magistrate, and also file a recovery suit . 

- Further, under under sub-section (4) of section 73 of the Companies Act, you can file an application before the Company Law Board , if the company fails to make repayment of deposits

- Further , you can file your complaint before the registrar of the cooperative society against the said society. 

Mohammed Shahzad
Advocate, Delhi
9478 Answers
107 Consultations

5.0 on 5.0

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