Adarsh Credit Society scam: 27 K depositors to get refund

Chhatrapati Sambhajinagar: The process to refund the deposited amount up to Rs 25,000 of account holders of Adarsh Nagri Sahakari Patsanstha will begin today. Nearly 27,000 account holders and depositors will get relief from this.

It may be noted that the Home Department gave approval for the auctioning of 46 properties (worth Rs 56.18 crore) of directors and managers of the credit society recently.

All eyes are towards the process to be implemented by the office of the district collector. The office of the deputy registrar initiated the process of recovery of the loan to refund depositors' money. Earlier, those who had deposits between Rs 10,000 and RS 15,000 were refunded. However, the process did not get a response from the depositors.

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Relief to 75 pc depositors

The credit society has 35,000 depositors. Of them, 26,500 depositors have deposits up to Rs 25,000. Those who have deposits up to 25,000 in fixed deposit, saving and pigmy accounts will get money from August 22. Administrator Suresh Kakde said that the depositors would have to submit two photographs, Aadhar and PAN cards along with bank documents at the head office of the Credit Society in N-6.

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A total of 523 account holders were refunded Rs 26. 4 lakh until August 20. At present, Adarsh has a Rs 3 crore deposit amount and with the increase in recovery, this amount will go up to Rs 4 crore.