New Delhi, Oct 7: Enforcement Directorate (ED) has provisionally attached immovable and movable properties totalling to Rs 1489 crore in the embezzlement of public deposits by Adarsh Credit Cooperative Society Ltd. (ACCSL) under the Prevention of Money Laundering Act (PMLA), an official statement said here on Monday.
The attached properties include land and buildings valued at Rs 1464.76 crore, Rs 24.44 crore in fixed deposits and balance in various bank accounts of Adarsh Group’s promoters Mukesh Modi, Virendra Modi and his family, MahendraTak, Saurabh Tak of Riddhi Siddhi Group's and others' properties located in Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra and Uttar Pradesh.
The Central financial probe agency move comes after the registration of FIR by Rajasthan police’s Special Operation Group for the offences of cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy against Mukesh Modi, Rahul Modi, and other officials of of Adarsh Group and other private persons by the investors against the accused for not returning their money in ACCSL.
The probe agency during the course of investigation, revealed that Mukesh Modi, in collusion with his relatives Virendra Modi, Rahul Modi and other associates, siphoned off depositors’ funds from ACCSL by way of inter linked fraudulent transactions.
“Mukesh Modi, his relatives and associates incorporated several companies, firms, Limited Liability Partnerships (LLPs) for sole purpose of diverting funds from ACCSL to their real estate business by way of availing fraudulent loans”, the ED said.
This way he infused huge ‘Proceeds of Crime’ in these companies as share capital from ACCSL by diverting and siphoning off by means of exaggerated salaries, incentives and commissions to the relatives and firms of Mukesh Modi family, the probe agency added.
The actions of Mukesh Modi and others caused ACCSL huge loss to the tune of around Rs four thousand crore excluding interest charged by ACCSL on purported borrowings.
Thus, ‘Proceeds of Crime’ were generated as a result of criminal activity relating to scheduled offences and accordingly provisional attachment order has been issued under PMLA attaching above mentioned assets totalling to Rs 1,489 crore, the official statement reads. (UNI)