Adarsh Society's 46 properties valued at Rs 58 Crore to be auctioned soon

Lokmat News Network

Chhatrapati Sambhajinagar:

In a significant development, the Home Department has approved the auction of 46 properties, valued at Rs 58.18 crore, which are registered in the personal names of the Directors and Managers of the Adarsh Urban Co-operative Credit Society. Police officials have confirmed that the District Collector's office will soon carry out the further process.

On July 12, 2023, a case was filed against Ambadas Mankape and other Directors in connection with the Rs 202 crore Adarsh scam. Following this, depositors staged large protests to recover their funds. On August 3, during Chief Minister Eknath Shinde’s visit, depositors attempted to protest regarding Mankape's properties. Consequently, the process of the proposal sent by the Economic Offences Wing (EoW) to Mumbai gained momentum. Accordingly, on August 14, the Home Department issued an order granting permission for the auction.

Committee to set auction prices

The total 104 properties include vehicles, petrol pumps, farms, bungalows, flats, hotels, bars, offices of the society, wedding halls, hospitals, apartments, and shops. According to the Ready Reckoner, the value of these properties is estimated at around Rs 100 crore. However, as per the market value, the valuation of properties could go up to Rs 250 crore. A committee formed for the auction, along with the sub registrar's office, will determine a middle ground between these values to set a final price.

Rs 22 lakh returned to depositors

Till August 14, Rs 22.23 lakh has been returned to 445 depositors. Currently, Rs 3 crore has been collected by the Adarsh Credit Society, and this amount is expected to reach Rs 4 crore soon. The second phase of repayment to depositors will begin in the next couple of days, said the administrator Suresh Kakade.

Second proposal for the seizure of 39 properties

The Police Inspector Sambhaji Pawar has clarified that, apart from the 46 properties, the EoW will soon send a proposal to the Home Ministry for the seizure and auction of an additional 39 properties.

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Total properties of Mankape and Adarsh Credit Society

From 2016 to 2019: Rs 103.16 crore (approximately).

From 2018 to 2023: Rs 99.07 crore (approximately).

Details of properties

Mankape Family: 46 properties

Adarsh Group: 19 properties

Mankape and Other Directors: 39 properties