Daijiworld Media Network - Jaipur
Jaipur, Feb 16: The Jaipur zonal office of the Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth approximately Rs 7.72 crore under the provisions of the Prevention of Money Laundering Act (PMLA). The action, taken on December 9, 2024, forms part of the ongoing probe into alleged financial irregularities linked to Adarsh Credit Co-operative Society Ltd and associated entities.
The investigation stems from FIRs registered by the Special Operations Group (SOG) of the Rajasthan Police. According to the allegations, the prime accused — Mukesh Modi and Rahul Modi — along with their associates, mobilised crores of rupees from investors and society members. The collected funds were allegedly diverted through the Adarsh Group of Companies and a network of directors, firms, LLPs, and related entities, resulting in significant losses to depositors while generating unlawful gains for the accused.
ED findings indicate that Mukesh Modi and his family exercised effective control over the society’s operations and finances. Many investors, including individuals from economically weaker backgrounds, were reportedly enticed with promises of unusually high returns, leading to the mobilisation of funds amounting to thousands of crores.
The probe further revealed that society funds were allegedly siphoned off through unsecured loans, incentive payouts, ex gratia payments to family members employed within the organisation, commissions to firms controlled by the family, speculative share trading that incurred losses, and investments in real estate and other ventures linked to the accused and their associates.
According to the agency, the total Proceeds of Crime (POC) identified so far stand at approximately Rs 3,830.06 crore. These funds were allegedly used to acquire a range of movable and immovable assets in the names of the accused, their relatives, and associated companies and firms.
Prior to the latest action, the ED had already attached assets worth Rs 2,176 crore through four Provisional Attachment Orders. A Prosecution Complaint and a Supplementary Complaint have also been filed before the Special Court (PMLA) in Jaipur against 139 individuals and entities, with the court having taken cognisance of the matter.
The investigation remains ongoing.