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The Serious Fraud Investigation Office (SFIO) has the arrested founder of Adarsh Credit Cooperative Society, Mukesh Modi.
Its MD, Rahul Modi and CEO, Vivek Harivyasi are also in the SFIO net for committing an alleged fraud by siphoning more than ₹200 crore.
Mukesh and his family members were reportedly running Ponzi schemes, duping over than 20 lakh depositors, according to official sources. The Ahmedabad-based Adarsh Credit Cooperative Society had started its operations in 1999.
Few months ago, the office of Central Registrar had issued a notice to the credit co-operative after receiving the reports from SFIO and from the Income Tax Department against Adarsh Credit Co-op.
It was observed that the deposits collected from the members of Adarsh Credit Co-op Society were used for the benefit of a few family members belonging to one family (Mukesh Modi family), therefore violating cooperative principles.
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