Movable assets in the form of bank funds, Demat account holdings to the tune of Rs.1.2 Crore (approx.) have been seized/frozen
FinTech BizNews Service
Mumbai, August 13, 2024: Directorate of Enforcement (ED), Mumbai Zonal Office has conducted search operations on 09.08.2024, under the provisions of Prevention of Money Laundering (PMLA), 2002 at various locations in Beed, Aurangabad, Pune, Navi Mumbai of Maharashtra as part of an ongoing investigation against M/s.Dnyanraddha Multistate Co-operative Society Ltd (DMCSL), Suresh Kute & others, as per the press release issued by the ED.
During the course of search operations, movable assets in the form of Bank funds, Demat account holdings to the tune of Rs.1.2 Crore (approx.) have been seized/frozen along with various incriminating documents, digital devices have been recovered and seized.
ED initiated investigation on the basis of various FIRs registered by various police stations of Maharashtra under various sections of IPC, 1860 & MPID Act, 1999 in respect of fraud committed by Suresh Kute and others through M/s.Dnyanraddha Multistate Co-operative 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, It floated various deposit schemes and claimed to provide interest which varies from 12% to 14%. The society also floated various other schemes such as personal loan, simple loan, salary loan, term loan, gold loan and FDR loan etc. ED investigation revealed that Suresh Kute & others lured the gullible investors to deposit money with DMCSL by promising higher returns, However, no payment or only partial payments were made to the investors when the deposits were matured, resulting in them being cheated and their fund were embezzled by management of the society by hatching criminal conspiracy for their personal gains.
ED investigation revealed that funds of DMCSL collected from depositors were siphoned off by Suresh Kute & others for their personal gains to create assets. ED investigation further revealed that funds of DMCSL were siphoned off through various shell entities by layering and the said funds were introduced into ‘Kute Group’ of companies as share capital/Investment. Also, investigation revealed funds of DMCSL siphoned off to Hong Kong through layering by creating a web of bogus/shell entities. The Proceeds of crime generated by cheating investors of DMCSL were laundered by Suresh Kute and others for their personal benefits including acquiring of various immovable and movable assets the evidences relating to which have also been seized. Further investigation is under progress.
