Mumbai, March 27: The Enforcement Directorate (ED) on Thursday provisionally attached immovable assets worth Rs 3.46 crore in Navi Mumbai in connection with its ongoing probe into alleged financial irregularities involving M/s Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and its promoters, officials said.
Assets in Kharghar attached under PMLA
The attached assets comprise office units located in Kharghar, Navi Mumbai. The attachment was carried out on March 26 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Probe based on multiple FIRs across Maharashtra
The ED initiated its money laundering investigation based on multiple FIRs registered by police stations across Maharashtra against Suresh Kute and others under provisions of the Indian Penal Code, 1860, for allegedly defrauding investors through the credit society.
High-return schemes attracted investors
According to the ED, the society floated high-yield deposit schemes offering returns of 12% to 14%, which attracted a large number of investors. However, many investors allegedly faced non-payment or only partial repayment of their deposits, leading to substantial financial losses.
Funds diverted to linked companies
The ED said its probe has revealed that a significant portion of the society’s funds, amounting to around Rs 2,467 crore, was diverted as purported loans to companies linked to the Kute Group, which is beneficially owned or controlled by accused Suresh Kute and Archana Kute.
These loans were allegedly disbursed without proper documentation, collateral security or verification of end use. The agency alleged that instead of being used for legitimate business purposes, the funds were siphoned off for personal gains or diverted to unrelated business activities.
Multiple actions and arrests in the case
The ED has carried out multiple searches and issued several provisional attachment orders in the case so far. The total value of assets seized, frozen or attached stands at approximately Rs 1,625.36 crore.
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In earlier action, the agency had arrested Suresh Kute and filed a prosecution complaint before a Special Court under the PMLA in Mumbai, which had taken cognisance of the offence. More recently, the ED arrested Archana Kute on March 2, and she was remanded to judicial custody after completion of ED custody on March 7.
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