Mumbai, April 21 The Enforcement Directorate (ED) has taken possession of six immovable properties valued at Rs 9.29 crore in connection with more than Rs 2,400 crore fraud and money laundering related to a Dnyanradha Multistate Co-operative Credit Society Limited (DMCCSL) and its office bearers, an official said on Tuesday.
"The properties, taken over by ED's Mumbai Zonal Office, on April 18–19, are located in Kharghar, Mumbai and Pune and held in the name of Suresh Kute, Archana Kute and associate entities," the official said in a statement.
These assets were earlier provisionally attached by the ED vide provisional attachment order dated September 24, 2024, under the Prevention of Money Laundering Act (PMLA) and the order was confirmed by the Adjudicating Authority on March 3, 2025.
Total attachment in this case stands at Rs 1,627.86 crore, the statement said.
"The latest attachment of properties stems from a money laundering investigation initiated on the basis of multiple FIRs registered across various police stations in Maharashtra under various Sections of the IPC, 1860, pertaining investors' fraud committed by Suresh Kute and others through DMCCSL," the ED said.
"As per the FIRs the society has launched several high-yield deposits schemes offering returns of 12 to 14 per cent, which lured large numbers of investors but resulted in substantial financial losses to them due to non-payment or partial payment of deposits," it added.
"The ED investigation revealed that a substantial portion of the society's funds to the tune of Rs 2,467 crore were diverted as purported "loans" to a group of companies (Kute Group) beneficially owned/controlled by Suresh Kute and Archana Kute," the ED said.
"These disbursals were made without proper documentation, collateral security, or end-use certification, and instead of being used for legitimate business activities, the funds were siphoned off for personal benefit or invested in unrelated business interests," the statement added.
"Earlier, the ED had arrested Suresh Kute and filed a charge sheet before the Special Court (PMLA) in Mumbai, and the court took cognisance of the offence," the statement said.
"The ED arrested Archana Kute on March 2 and she was remanded to judicial custody after ED custody on March 7. At present, she is in judicial custody," the statement added.
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