Chhatrapati Sambhajinagar: Adarsh Credit Co-operative Society, with 54,128 depositors and a total deposit amount of Rs 353 crores, is set to sell its properties to repay its depositors. The organization owns two properties worth Rs 8.5 crores and Rs 3.5 crores, respectively. The decision was made during a meeting held in the presence of union Minister of State for Finance, Dr Bhagwat Karad on Thursday.
The primary objective is to ensure that the 36,781 depositors with deposits up to Rs 25,000 are able to recover their money. The process of selling the properties is expected to be completed within a month, stated Dr Karad.
During the meeting, it was also decided that the secured loans of Adarsh Credit Co-operative Society would be transferred to another public bank. Commissioner of police Manoj Lohia, deputy registrar of cooperatives Mukesh Barhate, administrator of society Suresh Kakade, auditor Dhananjay Chavan, and several depositors were present.
Adarsh Credit Co-operative Society plans to sell its properties, including the one worth Rs 8.5 crore in Pishore and the one worth Rs 3.5 crore in Nachanvel. Alongside this, attention will be given to the repayment of loans, particularly for the 1,190 borrowers associated with the credit institution. Among these borrowers, 1,662 individuals have loans up to five lakhs, totaling Rs 21 crores. The union minister has directed the police to take appropriate action for the recovery of these overdue loans.