New Delhi, Jun 25 (IANS): The Enforcement Directorate (ED) on Friday said that it has attached properties worth Rs 365.94 crore belonging to the Adarsh Group of Companies, firms, LLPs, Riddhi Siddhi Group of Companies, firms, AOPs and others.
The ED said that attached immovable and movable assets are in the form of agricultural, residential, commercial land parcels situated at Rajasthan, Haryana and New Delhi and fixed deposits, balances in savings bank accounts.
The ED registered a case on the basis of an FIR registered by Special Operation Group, Rajasthan Police against Mukesh Modi, Rahul Modi and others of Adarsh Group, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) and other private persons.
The official said that money laundering investigation by ED revealed that Mukesh Modi in collusion with his relatives Virendra Modi, Rahul Modi, Rohit Modi, et al. and associates including society's officials, siphoned off depositors' funds from ACCSL by way of inter linked fraudulent transactions.
He said that Mukesh Modi, his relatives and associates incorporated several companies, firms, LLPs for the sole purpose of diverting funds from ACCSL to their real estate business by way of availing fraudulent loans.
"Mukesh Modi also infused huge proceeds of crime in these companies as share capital from ACCSL. Further, huge amount was diverted and siphoned off by means of exaggerated salaries, incentives and commissions to its own kin and companies/firms. The actions of Mukesh Modi and others caused the society a huge loss and deprived 20 lakh investors of their life savings," he said.
Earlier, the ED had attached properties worth Rs 1,489.03 crore across six states on October 7, 2019.
The ED also filed a charge sheet before a Special Court under PMLA Act on March 31 this year pleading for confiscation of these properties alongside launching of prosecution against 124 accused persons.
The official said that based on the outcome of the investigation conducted by ED so far, total Proceeds of Crime (POC) unearthed to the tune of Rs 3,830 crore, out of which ED has attached assets valued to Rs 1,854.97 crore of Adarsh Group of Companies, Riddhi Siddhi Group of Companies, Virendra Modi group of companies and others till date.