ED seizes Rs.9-cr assets in Dnyanradha credit scam
MUMBAI, April 22 -- The Enforcement Directorate (ED) has taken over six properties worth Rs.9.29 crore linked to the Dnyanradha Multistate Co-operative Credit Society scam, officials said on Tuesday. The action, carried out over the weekend in Mumbai, Navi Mumbai and Pune, is aimed at securing assets identified as proceeds of crime under the Prevention of Money Laundering Act (PMLA).
The assets include residential flats, commercial office spaces and plots held in the names of accused businessman Suresh Kute, his wife and co-accused Archana Kute, and their associate entities. The probe pertains to alleged large-scale diversion of funds from DMCSL. According to the ED, Rs.2,467 crore was allegedly routed as purported loans to a group of companies (Kute Group) beneficially owned and controlled by the accused.
The case is based on about 38 FIRs filed in 2024. The society allegedly claimed to offer returns of 12-14% on deposit schemes. However, no payment or only partial payments were made to the investors....
To read the full article or to get the complete feed from this publication, please
Contact Us.