Jaipur: Rajasthan govt told the Supreme Court Wednesday that those accused in the Adarsh Credit Cooperative Society fraud must face the law and that investors across Rajasthan and other states should be repaid through a lawful, court-supervised process. The state opposed any relief to the accused, including default bail, and urged that attached properties be sold through public auction by the Official Liquidator, with the Enforcement Directorate‘s consent, to maximise returns for depositors.The case was heard by a bench of Justice Prashant Kumar Mishra and Justice NV Anjaria.Appearing for the state, additional advocate general Shiv Mangal Sharma told the apex court that the accused had allegedly conspired to siphon off large sums deposited by investors through a network of shell companies and related entities, causing heavy losses to depositors in several states.It said the first chargesheet was filed on July 20, 2019, against 14 accused, while a final chargesheet was filed on August 28, 2023, detailing the role of ACCSL along with 56 companies and 23 firms, and a total of 79 alleged shell entities that were allegedly used to divert investor funds.Based on the SOG investigation, the Enforcement Directorate launched proceedings under the Prevention of Money Laundering Act. The ED has attached multiple properties allegedly bought with proceeds of crime and valued at thousands of crores. The state said these assets are in the custody of the official liquidator appointed by the Union govt and that no property has been sold without ED approval.
