The Enforcement Directorate conducted searches in Delhi, Jalgaon, and Ahmedabad in connection with an alleged Rs 168 crore investment fraud involving Dnyanradha Multi-state Cooperative Society Ltd (DMCSL).
DMCSL director, Suresh Kute, under lense was arrested in June 2024. The searches, conducted recently, led to the freezing of assets worth Rs 7.5 crore, including bank funds, fixed deposits, and Demat accounts.
DMCSL, with over 50 branches in Maharashtra, faces multiple allegations of defrauding investors, with several FIRs filed between May and July 2024.
The society was managed and controlled by Suresh Dnyanobarao Kute, Yashvant V Kulkarni and others. DMCSL floated various deposit schemes to lure gullible investors by promising high returns ranging from 12% to 14%.
However, the investors were cheated and their funds were embezzled by management of the society for their personal gains by hatching a criminal conspiracy.
ED investigation revealed that Suresh Kute in connivance with Dibyayan Das Sharma had fabricated false documents showing a structured investment allegedly promising a funding of Rs 10,000 Crore over five years from M/s. Minventa Research, Luxembourg through the securitization of the Kute Group’s assets.
Fraudulent documents related to this scheme were also distributed among investors of DMCSL to prevent them from pursuing legal action against Suresh Kute and others, with the false assurance that all investors of DMCSL would be repaid.
It is further revealed that these fabricated documents were also used as submissions before various judicial fora, including Hon’ble High Court and NCLT as an attempt to mislead the authorities and to present the Kute Group as financially solvent.
Earlier, ED had conducted search operations in this case on 09.08.2024 and had frozen movable assets to the tune of Rs. 1.73 Crore (approx.) along with seizure of various other incriminating documents & digital devices. Total seizure in this case till date amounts to Rs.9.2Crore (approx.).