Adarsh Credit Cooperative Society case: ED attaches ₹365.94-crore assets

The Enforcement Directorate has attached assets worth ₹365.94 crore. File photo.  

The Enforcement Directorate (ED) has attached assets worth ₹365.94 crore of the Adarsh Group entities, the Riddhi Siddhi Group of companies and others in a money laundering case.

The assets are in the form of agricultural, residential and commercial land parcels in Delhi, Haryana and Rajasthan, besides fixed deposits and bank balances.

The ED probe is based on a First Information Report registered by the Special Operation Group of the Rajasthan Police against Mukesh Modi, Rahul Modi and others of the Adarsh Group, officials of the Adarsh Credit Cooperative Society Limited (ACCSL) and others.

Based on the findings so far, the ED has calculated the total proceeds of the alleged crime to be about ₹3,830 crore. Assets worth ₹1,854.97 crore have been attached in the case till now.

According to the agency, Mr. Mukesh Modi and others siphoned off depositors’ funds from the ACCSL through fraudulent transactions. They floated several companies, firms and limited liability partnership entities for the sole purpose of diverting funds from the ACCSL to their real estate business, on the pretext of loans.

The prime accused infused funds in these companies as share capital from the ACCSL. A sizeable amount was also diverted and siphoned off by means of exaggerated salaries, incentives and commissions.

“The actions of Mukesh Modi and others caused society a huge loss and deprived two million investors of their life savings,” said the agency.

On October 7, 2019, the ED attached properties worth ₹1,489.03 crore across six States. That attachment order was confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act.

The possession of the confirmed attached assets was taken in July-August 2020. Subsequently, a prosecution complaint was filed against 124 accused in March this year.

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Printable version | Jul 29, 2021 8:53:11 PM |

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