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

The Enforcement Directorate (ED) has hooked up assets price ₹365.94 crore of the Adarsh Group entities, the Riddhi Siddhi Group of firms and others in a cash laundering case.

The assets are within the type of agricultural, residential and business land parcels in Delhi, Haryana and Rajasthan, in addition to fastened deposits and financial institution balances.

The ED probe relies on a First Information Report registered by the Special Operation Group of the Rajasthan Police in opposition to Mukesh Modi, Rahul Modi and others of the Adarsh Group, officers of the Adarsh Credit Cooperative Society Limited (ACCSL) and others.

Based on the findings thus far, the ED has calculated the entire proceeds of the alleged crime to be about ₹3,830 crore. Assets price ₹1,854.97 crore have been hooked up within the case until now.

According to the company, Mr. Mukesh Modi and others siphoned off depositors’ funds from the ACCSL by way of fraudulent transactions. They floated a number of firms, corporations and restricted legal responsibility partnership entities for the only objective of diverting funds from the ACCSL to their actual property enterprise, on the pretext of loans.

The prime accused infused funds in these firms as share capital from the ACCSL. A sizeable quantity was additionally diverted and siphoned off via 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,” stated the company.

On October 7, 2019, the ED hooked up properties price ₹1,489.03 crore throughout six States. That attachment order was confirmed by the Adjudicating Authority beneath the Prevention of Money Laundering Act.

The possession of the confirmed hooked up assets was taken in July-August 2020. Subsequently, a prosecution grievance was filed in opposition to 124 accused in March this 12 months.