Sirohi-Jalore MP Lumbaram Choudhary raised the Adarsh Credit Society issue in the Lok Sabha, urging the government to take effective steps to promptly return the hard-earned money of lakhs of investors.
Sirohi-Jalore MP Lumbaram Choudhary raised the Adarsh Credit Society issue in the Lok Sabha.
The society is accused of not returning crores of rupees to investors and financial irregularities.
In Rajasthan alone, about 8,000 crore rupees of 10 lakh investors are stuck.
A demand has been made to the government to expedite the liquidation process and return the investors' money.
Sirohi | Sirohi-Jalore MP Lumbaram Choudhary on Tuesday raised the high-profile case of Adarsh Credit Co-operative Society in the Lok Sabha under Rule 377. He strongly demanded relief for lakhs of investors in this matter and urged the central government to take effective steps.
Investors' Plight Echoes in Lok Sabha
MP Lumbaram Choudhary stated in the House that Adarsh Credit Co-operative Society has deceived lakhs of people across the country. He urged the central government to ensure the prompt return of money to the investors who deposited their hard-earned savings in the society.
A Major Deception Under the Guise of Attractive Schemes
The MP explained that Adarsh Credit Co-operative Society targeted poor and middle-class people across the country, including Rajasthan. The society collected crores of rupees from people by luring them with attractive schemes.
However, when the investment period matured, the society flatly refused to return the money to the investors. As a result, lakhs of families are facing a severe financial crisis today.
Who are the Victim Investors?
He informed that in Rajasthan alone, the society had 309 branches through which about 10 lakh investors had made a massive investment of approximately 8,000 crore rupees.
These investors include people from the most vulnerable sections of society, such as daily wage laborers, NREGA workers, rickshaw pullers, street vendors, small farmers, small traders, and retired employees who invested their life savings.
MP Choudhary alleged that the society invested the funds collected from investors into its own shell companies. In this process, large-scale financial irregularities were committed, and various legal provisions were openly violated.
Due to these discrepancies, the society's assets have been attached, its bank accounts have been frozen, and a liquidator has also been appointed for the liquidation process.
Thousands of Victims in Sirohi-Jalore Too
Referring to his parliamentary constituency, the MP said that thousands of people from Sirohi and Jalore districts also have crores of rupees stuck in this society. All these investors have been waiting for a long time to get their deposits back.
He also mentioned that there are local complaints about some properties purchased in the society's name being misappropriated, which is continuously weakening the investors' hope of getting their money back.
Demand for Immediate Government Action
Lumbaram Choudhary strongly demanded that the government expedite the liquidation process. He said that to provide relief to the lakhs of people who have been waiting for their money for years, it is essential that their deposits are returned as soon as possible.
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