Mumbai, March 27 (IANS) The ED attached office units valued at Rs 3.46 crore in Kharghar, Navi Mumbai, in connection with alleged financial irregularities and money-laundering in the matter of Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and others, an official said on Friday.
The Enforcement Directorate (ED), Mumbai Zonal Office, provisionally attached the assets on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attachment was in connection with the ED’s ongoing investigation into alleged financial irregularities and money-laundering in the matter of Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and others. The assets provisionally attached are office units situated in Kharghar, Navi Mumbai, it said.
The attachment was carried out in connection with a money laundering investigation initiated based on multiple FIRs registered by various police stations across Maharashtra under various Sections of IPC, 1860, in respect of fraud with investors, committed by Suresh Kute and others through DMCCSL, the statement said.
These FIRs allege that the society floated various high-yield deposit schemes promising returns of 12 per cent–14 per cent, which lured large numbers of investors but resulted in substantial financial losses to them due to non-payment or partial payment of deposits, it said.
The ED investigation revealed that a substantial portion of the society’s funds to the tune of Rs 2,467 crore was diverted as purported “loans” to a group of companies (Kute Group) beneficially owned/controlled by Suresh Kute and Archana Kute.
These disbursals were made without proper documentation, collateral security, or end-use certification, and instead of being used for legitimate business activities, the funds were siphoned off for personal benefit or invested in unrelated business interests, the ED said.
Till date, the ED has conducted multiple search actions and also issued several Provisional Attachment Orders in this case.
The total value of seizure/freezing and attachment of assets in this case stands at Rs 1,625.36 crore.
Earlier, the ED had arrested Suresh Kute and filed a Prosecution Complaint before the Special Court (PMLA), Mumbai, which took cognisance of the offence, the statement said.
Recently, the ED arrested Archana Kute on March 2, and the court remanded her to judicial custody after ED custody on March 7, it said.
–IANS
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