Rabindra Kumar Agarwal, the Central Registrar of Cooperative Societies, has appointed S.J. Jadhav, Deputy District Registrar of Cooperative Societies, Beed, as the liquidator for Maharashtra-based Dnyanradha Multistate Cooperative Credit Society. Jadhav has been instructed to submit quarterly status reports on the society’s liquidation progress to the Central Registrar’s office.
In his order, Agarwal stated, “After careful consideration of the facts, I, Rabindra Kumar Agarwal, Central Registrar of Cooperative Societies, in exercise of powers conferred under Section 86 of the Act, order the winding up of ‘Dnyanradha Multi-State Cooperative Credit Society Ltd., Rajyog Pingale Complex, Jalna Road, Beed, Maharashtra-431122’ and hereby appoint Shri S.J. Jadhav, District Deputy Registrar, Cooperative Societies, Beed, as Liquidator of the society under the provisions of Section 89(1) of the Act until further notice.” Jadhav has been directed to take necessary action in accordance with the Multi-State Cooperative Societies Act, 2002, and the relevant rules.
On November 5, 2024, the Enforcement Directorate (ED), Mumbai Zonal Office, provisionally attached immovable and movable assets valued at approximately Rs 333.82 crore in connection with Dnyanradha Multistate Cooperative Credit Society Ltd (DMCSL).
This action, undertaken under the Prevention of Money Laundering Act (PMLA), 2002, involved assets linked to Suresh Kute and others, including land, buildings, and machinery of M/s Kute Sons Dairys Ltd and M/s Kute Sons Fresh Dairy Pvt Ltd, located in Maharashtra’s Satara and Ahmednagar districts.
The ED investigation began after multiple FIRs were filed between May and July 2024 at various police stations in Maharashtra, under the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999. These FIRs alleged that investors were defrauded by Suresh Kute and associates through DMCSL.
Managed by Suresh Dnyanobarao Kute, Yashvant V Kulkarni, and others, DMCSL offered deposit schemes promising high returns of 12% to 14% interest. However, the investigation revealed that Kute and his associates attracted over 4 lakh investors but either failed to repay or only partially paid them on maturity, causing substantial losses for investors.
The ED had previously conducted search operations on August 9, September 20, and October 14, 2024, seizing or freezing movable assets worth approximately Rs 10.99 crore.
Additional provisional attachment orders for assets worth Rs 85.88 crore were issued on September 24, and assets worth Rs 1002.79 crore were attached on October 9. This brought the total value of seized or frozen assets in this case to around Rs 1433.48 crore.