New Delhi: Directorate of Enforcement (ED) on Friday said that it has provisionally attached immovable and movable assets worth Rs 365.94 crore belonging to firms and Adarsh Group of Companies , Riddhi Siddhi Group of Companies and others.
Officials in the probe agency said that the attached assets are in the form of agricultural, residential, commercial land parcels situated at Rajasthan, Haryana and New Delhi and fixed deposits balances in savings bank accounts.
The investigation was initiated on the basis of an FIR registered by Special Operation Group, Rajasthan Police against Mukesh Modi, Rahul Modi and others of Adarsh Group, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) and other private persons.
Money Laundering investigation by agency revealed that Mukesh Modi in collusion with his relatives Virendra Modi, Rahul Modi, Rohit Modi and associates, including society’s officials, siphoned off depositors’ funds from ACCSL by way of inter linked fraudulent transactions, the probe agency officials said.
“Mukesh Modi, his relatives and associates incorporated several companies and firms for sole purpose of diverting funds from ACCSL to their Real Estate business by way of availing fraudulent loans” they further said.
He also infused huge Proceeds of Crime in these companies as share capital from ACCSL. Further, huge amount was diverted and siphoned off by means of exaggerated salaries, incentives and commissions to its own kin and companies and the actions of Mukesh Modi and others caused the society a huge loss and deprived two million investors of their life savings, the officials added.
Earlier, ED had attached properties worth Rs1489.03 crore across six states vide provisional attachment order on October 7, 2019 and this was duly Adjudicating Authority (PMLA), New Delhi. Thereafter, possession of the confirmed attached properties was taken in July and August of 2020.
Subsequently, a ‘Prosecution Complaint’ was filed before the PMLA special court on March 31,2021 pleading for confiscation of these properties along side launching of prosecution against 124 accused persons.
Based on the outcome of the investigation conducted by ED so far, total Proceeds of Crime (POC) unearthed to the tune of Rs 3830 crore, out of which ED has provisionally attached movable and immovable assets valued to Rs 1854.97 crore of Adarsh Group of Companies, Riddhi Siddhi Group of Companies and others till date, the probe agency said, adding that further investigation in this case is under progress.