The Enforcement Directorate (ED) in Jaipur has provisionally attached movable and immovable properties valued at around Rs. 7.72 crore under the Prevention of Money Laundering Act (PMLA), 2002. This action was taken in connection with the case involving Adarsh Credit Co-operative Society Ltd and others. The investigation stemmed from FIRs filed by the Special Operations Group (SOG) of the Rajasthan Police.
The ED probe uncovered that Mukesh Modi and his family members exerted significant control over the Society and its financial dealings. Allegedly, they enticed investors, including many from economically weaker sections, with promises of unusually high returns, amassing funds totaling thousands of crores. The funds were purportedly diverted through various means, causing losses to investors and gains for the accused.
It was found that the Society’s funds were channeled through unsecured loans, incentives, payments to family members, agency commissions, share trading, and investments in real estate and other businesses linked to Mukesh Modi and associates. The investigation identified Proceeds of Crime (POC) amounting to about Rs. 3830.06 crore, allegedly used by Mukesh Modi, family members, and associated entities to acquire assets.
Earlier, properties worth Rs. 2176 crore were attached by the ED through four Provisional Attachment Orders (PAOs). Legal actions have been initiated against 139 accused individuals and entities, with a Prosecution Complaint and Supplementary Complaint filed before the Special Court (PMLA) in Jaipur. The investigation into the matter is ongoing.
