New Delhi [India], June 9 : The Directorate of Enforcement on Friday said it has attached 48 immovable properties worth Rs 60.44 crore including flats, shops, lands belonging to one Gilbert Baptist, his family members and entities controlled by him in a financial fraud case related to diversion of depositors money in Malaika Multi State Credit Cooperative Society (MMCCS).
The enforcement agency initiated PMLA investigations based on an FIR and two charge sheets filed by the Mira Road Police Station in Maharashtra.
The ED said the investigation revealed that Malaika Multistate Credit Cooperative Society (MMCCS) was established in 2010 by Gilbert Baptist, Marceline Baptist.
Later, Baptist, the ED said, appointed various other dummy directors of MMCCS. The society was run as a one-man show by its chairman Baptist.
"Baptist had opened various businesses in the names of Malaika Appliances Pvt Ltd (MAPL), Yasoma Industries, Yasoma Wedding Sarees and Malaika Starcity Project etc, which were run from the investments received from MMCCS. The financial auditors of MMCCS pointed out several irregularities during annual periodic audits which were ignored by Gilbert Baptist and his aides. No prudent financial norms for sanctioning loans were followed," the ED said.
Further, the ED said the person diverted the funds to create properties in his name, his family, his associates, and his businesses.
"His business ventures lost money and soon the accounts of MMCCS became NPA, resulting in losses to thousands of innocent investors. It is estimated that deposits worth Rs 200 crore and more were lost because of the fraud played by Gilbert Baptist," the ED said Friday.
ED had arrested Baptist and he is presently in judicial custody. Further investigation into the matter is underway.
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