Mumbai: The Enforcement Directorate (ED) has attached assets worth ₹333.82 crore in connection with its money laundering probe into the alleged fraud at Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL). The assets, including land, buildings, and machinery of two dairy firms in Satara and Ahmednagar, were attached on Tuesday. This brings the total value of seizures and attachments in the case to ₹1,433.48 crore.
The investigation revealed that DMCSL's management, including Suresh Kute and Yashvant Kulkarni, embezzled ₹2,467.89 crore, disguised as loans to companies. The society attracted over four lakh investors, offering deposit schemes with interest rates between 12-14%. However, investors received little to no returns on their investments.
The ED alleges that Kute and others diverted the funds to companies within The Kute Group, owned by Kute and his wife. These funds were siphoned off through various accounts or directly in cash, and used for personal expenses, property purchases, and business investments.
Searches conducted earlier in the year led to the freezing and seizure of ₹10.99 crore in movable assets. Provisional attachments of ₹85.88 crore and ₹1,002.79 crore were issued in September and October, respectively.
