News By/Courtesy: Hiranshi Shah | 07 Aug 2018 7:55am IST

HIGHLIGHTS

  • Rs. 53 crore was taken from Adarsh Credit Cooperative Society Ltd. (ACCSL) in the year 2008-09 to 2012-13
  • In January, 2018, SC had allowed three bank accounts of societies for the de-freezing on furnishing security of immovable property
  • CBI court held that the disputed structure is standing on the land which is being offered as a security and being the subject matter of the case, the land cannot be accepted as a security

The Adarsh housing society scam was of Rs. 53 crores. It had been considered as the biggest cooperative scandal of India by Adarsh group of Mukesh Modi and his brother Virendra Modi of Sirohi, Rajasthan. They showed themselves as farmers and approximately Rs. 53 crore was taken from Adarsh Credit Cooperative Society Ltd. (ACCSL) in the year 2008-09 to 2012-13.  The CBI had frozen the Adarsh co-operative housing society’s accounts in 2011. In 2015, the society had applied before the special CBI court to de-freeze its account.  On 6th January 2018, Supreme Court’s bench headed by Justice J Chelameswar had allowed three bank accounts of societies for the de-freezing on furnishing security of immovable property and allowed it to withdraw an amount of around Rs 1 crore for maintenance and litigation.  But, on 1st March 2018 the CBI court had refused to accept the property as surety and held that the disputed structure is standing on the land which is being offered as a security and being the subject matter of the case, the land cannot be accepted as a security.

Recently, on 1st   August 2018, the Supreme Court of India had directed the CBI Court to Accept Adarsh Housing Complex Land as Security for Defreezing Society’s Bank Account. The Supreme Court had allowed de-freezing the bank account of Adarsh Cooperative Housing Society Ltd by furnishing security of the land in which the housing complex is situated. The  Supreme court bench consisting of  Justice Kurian Joseph and Justice Sanjay Kishan Kaul had observed that “the fact remains that the land was allotted to the appellant by the State of Maharashtra on payment of Rs. 12.61 Crores, as per Allotment Letter dated 09.07.2004.”  The Supreme Court has set aside an order passed by special CBI trial court, Mumbai and ordered that “in the above circumstances, we do not propose to go into the various contentions taken by the State since we are only concerned with the release of the amounts on offering the land as a security. Therefore, leaving all the contentions open, and without prejudice to the contentions taken by the CBI as well as by the State, the impugned order dated 01.03.2018 passed by the CBI Special Judge is set aside.”

Section Editor: Shilpa Rani | 07 Aug 2018 8:09am IST


Tags : #AdarshCooperative #HousingScam #RealEstate #SC #CBI #AccountFreezed

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