Pune: The Enforcement Directorate (ED) conducted raids across multiple locations in Maharashtra, including Beed, Aurangabad, Pune, and Navi Mumbai, in connection with a large-scale fraud and money laundering case tied to the Dnyanradha Multi-State Cooperative Credit Society Ltd (DMCSL) in Beed.
The investigation centers around the alleged defrauding of hundreds of investors and the illicit transfer of funds abroad. The ED's raid resulted in the seizure of movable assets, important documents, computers, and valuables estimated to be worth ₹1.2 crore.
The ED has registered cases against Suresh Kute, the president of Dnyanradha Credit Society, and other directors under charges of fraud against investors and violations under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.
So far, the reported fraud amounts to around ₹168 crore. The ED has initiated an investigation based on these allegations.
The management of Dnyanradha Credit Society, which included Suresh Kute, Yashwant Kulkarni, and other directors, implemented various loan schemes, such as personal loans, simple loans, salary loans, term loans, and gold loans.
The ED's investigation revealed that they lured investors by promising high returns on various deposit schemes and then committed fraud.
Hundreds of crores of rupees deposited by investors in the Dnyanradha Credit Society have been stuck. The investigation has also uncovered that Suresh Kute and the management used these deposits for personal gain, investing the money in other businesses and the Kute Group.
It has also been revealed that a network of bogus shell companies was created to launder money, with funds being transferred to Hong Kong.