Mar 15, 2025 06:02 AM IST
A money-laundering probe by the Enforcement Directorate has revealed that some members of the erstwhile management of the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL) had embezzled funds worth ₹2,467 crore from investors.
MUMBAI: A money-laundering probe by the Enforcement Directorate has revealed that some members of the erstwhile management of the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL) had embezzled funds worth ₹2,467 crore from investors. The agency has submitted a chargesheet against 24 accused in a special court in the alleged multi-crore fraud.
₹2,467 crore from investors. (Shutterstock)” title=”A money-laundering probe by the Enforcement Directorate has revealed that some members of the erstwhile management of the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL) had embezzled funds worth ₹2,467 crore from investors. (Shutterstock)” />DMCSL had allegedly floated multiple deposit schemes with claims of providing lucrative rates of interest, from 12 per cent to 14 per cent. ED’s probe found that the accused allegedly lured more than 4 lakh gullible investors to deposit money with them by promising higher returns but subsequently no payment or only partial payments were made to them when the deposits matured.
The chargesheet was filed against a certain Suresh Kute, who allegedly managed and controlled the DMCSL, along with the others, according to ED. The Mumbai court took cognisance of the chargesheet on Tuesday and issued processes against the accused persons/entities.
The ED initiated its investigation based on cases registered by various Maharashtra police stations under sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors.
ED’s investigation revealed that a large chunk of the funds of DMCSL were allegedly embezzled by the management of the society, wherein Kute and a few others had hatched a criminal conspiracy to illegally and fraudulently divert funds amounting to around ₹2,467 crore in the guise of loans to various companies of the Kute Group. Kute Group was a group of companies allegedly beneficially owned by Kute and his family.
Upon the disbursement of the fraudulent loan amounts, the funds were allegedly further siphoned off by the accused through several bank accounts of the entities of the Kute Group, or directly in the form of cash, ED’s probe found. The funds received from society were allegedly also utilised for their own personal benefits, including investment in new businesses/purchase of properties/ personal expenses, by some of the accused.
Earlier, ED had conducted search operations in the case in August, September and October of last year in which it had frozen/seized assets worth ₹11 crore. ED has so far seized/frozen and attached assets in the case worth around ₹1,433.48 crore. ED had earlier arrested Kute on January 7, and he is currently in judicial custody.
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