On Friday, the Directorate of Enforcement (ED) provisionally seized movable and immovable property valued at Rs 365.94 crore from the Adarsh group of companies and others under the Prevention Act. money laundering (PMLA) in a case of suspected fraud.
According to the official statement, the attached assets come in the form of plots of agricultural, residential and commercial land located in Rajasthan, Haryana and New Delhi and fixed deposits or balances in savings accounts.
ED opened the investigation on the basis of an FIR registered by the Special Operation Group, Rajasthan Police against Mukesh Modi, Rahul Modi and other members of the Adarsh group, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) and other private persons.
During the money laundering investigation, the agency discovered that Mukesh Modi, in collusion with his relatives Virendra Modi, Rahul Modi, Rohit Modi and his associates, including company officials, had hijacked the ACCSL depositors funds through fraudulent related transactions.
The agency further stated that Mukesh Modi, his relatives and associates had formed several companies / firms / limited liability companies with the sole purpose of diverting funds from ACCSL to their real estate business using fraudulent loans. He also injected huge proceeds of crime into these companies as ACCSL’s share capital.
“In addition, a huge amount of money has been embezzled and siphoned off through inflated salaries, incentives and commissions from his own relatives and businesses / businesses. The actions of Mukesh Modi and others have caused enormous loss to the company. and deprived investors of their lifetime savings of 2 million, ”the ED said.
Previously, the ED had attached properties worth 1,489.03 crore rupees in six states.
“The seizure was confirmed by the competent authority (PMLA), New Delhi. Subsequently, possession of the confirmed attached properties was taken in July and August 2020. Subsequently, a complaint was filed with the Tribunal special under the PMLA on March 31, 2021, arguing for the confiscation of these properties alongside the launching of prosecutions against the defendants 124. Based on the results of the investigation conducted by ED so far, the total of proceeds of crime (POC) unearthed to the tune of Rs 3,830 crore, of which ED has provisionally seized movable and immovable assets worth Rs 1,854.97 crore of the group of companies / companies / LLP Adarsh, of the group companies / companies / PDO Riddhi Siddhi, group of companies / companies / individuals Virendra Modi and others so far, ”he added.
Further investigation is underway.
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