The Enforcement Directorate (ED) has taken control of six properties worth Rs 9.29 crore linked to a fraud and money laundering case involving Dnyanradha Multistate Co-operative Credit Society Limited (DMCCSL). These properties, located in Kharghar, Mumbai, and Pune, are owned by Suresh Kute, Archana Kute, and associated entities. The ED had provisionally attached these assets earlier under the Prevention of Money Laundering Act, with a total attachment in the case amounting to Rs 1,627.86 crore.
The recent seizure follows a money laundering probe initiated based on multiple FIRs filed in Maharashtra against Suresh Kute and others involved in DMCCSL. The society allegedly attracted investors through high-yield deposit schemes offering returns of 12 to 14 percent, resulting in significant financial losses due to non-payment or partial payment of deposits. Investigations revealed that around Rs 2,467 crore from the society’s funds were diverted as loans to companies owned by Suresh Kute and Archana Kute, without proper documentation or collateral security.
Suresh Kute had been previously arrested by the ED and a charge sheet was filed before the Special Court in Mumbai. Archana Kute, who was arrested on March 2, has been in judicial custody after being remanded by the ED. The ED’s actions are part of the ongoing legal proceedings in the case.
