Mumbai, April 21: The Enforcement Directorate (ED) has taken physical possession of six immovable properties worth Rs 9.29 crore in connection with its ongoing money laundering probe against Suresh Kute, his wife Archana Kute, and others in the multi-crore Dnyanradha Multistate Co-operative Credit Society Ltd. investor fraud case, officials said on Tuesday. Both Suresh Kute and Archana Kute are currently in judicial custody.
ED takes possession of properties
The action was carried out on April 18 and 19 under Section 8(4) of the Prevention of Money Laundering Act (PMLA), 2002. The properties are located in Kharghar in Navi Mumbai, Mumbai, and Pune, and are held in the names of Suresh Kute, Archana Kute, and their associate entities. The move follows the confirmation of a provisional attachment order by the Adjudicating Authority on March 3, 2025, allowing the agency to take control of the assets under Section 8(4) of the Prevention of Money Laundering Act (PMLA).
Probe into investor fraud
The case pertains to an alleged multi-crore investor fraud linked to Dnyanradha Multistate Co-operative Credit Society Ltd. The ED initiated its probe based on multiple FIRs registered across police stations in Maharashtra under provisions of the Indian Penal Code. Investigation revealed that the credit society had floated high-return deposit schemes promising annual returns of 12–14 per cent. These schemes allegedly attracted a large number of investors but led to significant losses due to non-payment or partial repayment of deposits.
Funds diversion and misuse
The ED’s probe revealed that funds amounting to approximately Rs 2,467 crore were diverted as “loans” to companies belonging to the Kute Group, which are allegedly controlled by Suresh and Archana Kute. These disbursals were made without proper documentation, collateral, or verification of end use. The funds were subsequently siphoned off for personal use or diverted into unrelated business activities,” an official said.
So far, the ED has carried out multiple searches and issued several provisional attachment orders in the case. The total value of assets seized, frozen, or attached stands at approximately Rs 1,627.86 crore.
Arrests and legal proceedings
Suresh Kute was arrested earlier, and a prosecution complaint has been filed before a special PMLA court in Mumbai, which has taken cognisance of the offence.
Archana Kute was arrested on March 2, 2026, and after ED custody, was remanded to judicial custody on March 7. She is currently lodged in jail.
Also Watch:
Objective of latest action
Officials said the latest action to take possession of the properties was aimed at preventing their transfer or disposal and securing assets identified as “proceeds of crime” as part of ongoing proceedings under the PMLA.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
