The Enforcement Directorate (ED) has attached office units valued at Rs 3.46 crore in Kharghar, Navi Mumbai, in connection with alleged financial irregularities and money laundering involving Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) and others. The assets were provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002.
This action is part of the ED’s ongoing investigation into financial irregularities and money laundering related to DMCCSL and others. The attached assets consist of office units located in Kharghar, Navi Mumbai. The investigation stems from multiple FIRs filed by various police stations in Maharashtra regarding fraud with investors, allegedly orchestrated by Suresh Kute and others through DMCCSL.
The FIRs accuse the society of offering high-yield deposit schemes with returns of 12-14%, attracting numerous investors but leading to significant financial losses due to non-payment or partial payment of deposits. The ED’s probe uncovered that a substantial amount of the society’s funds, approximately Rs 2,467 crore, were diverted as “loans” to companies owned by Suresh Kute and Archana Kute, without proper documentation or collateral security.
The diverted funds were not utilized for legitimate business purposes but were instead siphoned off for personal gain or invested in unrelated ventures. The ED has conducted various search operations and issued multiple Provisional Attachment Orders in this case, with the total value of seized, frozen, and attached assets amounting to Rs 1,625.36 crore. Suresh Kute was previously arrested by the ED, and a Prosecution Complaint was filed before the Special Court (PMLA), Mumbai, which acknowledged the offense.
Recently, Archana Kute was also arrested by the ED on March 2, and after being in ED custody, she was remanded to judicial custody on March 7.
