Adarsh ​​Society scam: ED seizes assets worth 1500 crores

(PTI) New Delhi, October 7, 2019, Monday

ED has taken action on Adarsh ​​Credit Society Limited. ED seized assets worth around Rs 1500 crore in Rajasthan, Haryana, Gujarat, New Delhi, Maharashtra, Uttar Pradesh. The action took place under the Money Laundering Act.

ED took action in Adarsh ​​Credit Society Ltd's money laundering scam. In view of the provisions of the Money Laundering Act, ED seized assets worth Rs 1489 crore. The seized property also includes land besides the building. In addition, Rs 24.44 crore is also included in the bank for fixed deposit.

According to ED, action has been taken against properties located in Rajasthan, Haryana, Gujarat, New Delhi, Maharashtra and Uttar Pradesh. In 2018, various investors filed complaints against Adarsh ​​Credit Society Limited in Rajasthan. Accordingly, the agency conducted further investigations.

Investigations revealed that investors' money was misused through the help of relatives. ED's investigation revealed that Adarsh ​​Credit Society Ltd suffered a loss of Rs 4000 crore due to this money laundering scam. The action was carried out under the Money Laundering Act of 2002.