Directorate of Enforcement (ED), Mumbai Zonal Office has conducted search operations on 20- 09-2024 and 21-09-2024, under the Prevention of Money Laundering Act (PMLA), 2002 at multiple locations in Delhi, Jalgaon and Ahmedabad
FinTech BizNews Service
Mumbai, September 23, 2024: Directorate of Enforcement (ED), Mumbai Zonal Office has conducted search operations on 20- 09-2024 and 21-09-2024, under the Prevention of Money Laundering Act (PMLA), 2002 at multiple locations in Delhi, Jalgaon and Ahmedabad as part of an ongoing investigation against M/s Dnyanraddha Multistate Co-operative Society Ltd. (DMCSL), Suresh Kute & others. During the course of search operations, movable assets in the form of Bank funds, Fixed Deposit, Demat account holdings to the tune of Rs.7.5 Crore (approx.) have been frozen along with the seizure of various incriminating documents and digital devices, as per the press release issued by the ED today.
ED initiated investigation based on various FIRs registered during the months of May to July, 2024 by various police stations of Maharashtra under various sections of IPC, 1860 and MPID Act, 1999 in respect of fraud committed by Suresh Kute and others through M/s. Dnyanraddha Multistate Cooperative Society Ltd (DMCSL) with the investors. As per the FIRs registered and verified till date, the tentative amount of fraud with investors amounts to Rs.168 Crore approx. DMCSL was managed and controlled by Suresh Dnyanobarao Kute, Yashvant V Kulkarni and others. DMCSL floated various deposit schemes to lure gullible investors by promising high returns ranging from 12% to 14%. However, the investors were cheated and their funds were embezzled by management of the society for their personal gains by hatching a criminal conspiracy.
ED investigation revealed that Suresh Kute in connivance with Dibyayan Das Sharma had fabricated false documents showing a structured investment allegedly promising a funding of Rs. 10,000 Crore over five years from M/s. Minventa Research, Luxembourg through the securitization of the Kute Group’s assets. Fraudulent documents related to this scheme were also distributed among investors of DMCSL to prevent them from pursuing legal action against Suresh Kute and others, with the false assurance that all investors of DMCSL would be repaid. It is further revealed that these fabricated documents were also used as submissions before various judicial fora, including Hon’ble High Court and NCLT as an attempt to mislead the authorities and to present the Kute Group as financially solvent. Earlier, ED had conducted search operations in this case on 09.08.2024 and had frozen movable assets to the tune of Rs. 1.73 Crore (approx.) along with seizure of various other incriminating documents & digital devices. Total seizure in this case till date amounts to Rs.9.2Crore (approx.). Further investigation is under progress.
