Assets worth Rs 365 crore seized in Rajasthan's Adarsh ​​Cooperative Society fraud case

The ED took action under the PMLA

Fraud by promoters Mukesh Modi, Rahul Modi and others wiped out the lifetime earnings of 20 lakh depositors

New Delhi: The ED has seized assets worth Rs 365 crore from a co-operative society in Rajasthan that cheated 20 lakh people. The action has been taken under anti-money laundering laws, the ED said in a statement.

In this case, the ED has seized assets belonging to Adarsh ​​Group of Companies and Riddhi Siddhi Group of Companies. The seized assets include agricultural, residential and commercial land in Rajasthan, Haryana and Delhi, the ED said in a statement.

The total value of assets seized under the Prevention of Money Laundering Act (PMLA) is Rs 365.94 crore. The ED had filed a money laundering case under the PMLA on the basis of an FIR lodged by the Special Operations Group of the Rajasthan Police against Adarsh ​​Credit Cooperative Society Limited (ACCSL) and its promoters Mukesh Modi, Rahul Modi and others.

According to the ED, Mukesh Modi along with his associates including Virender Modi, Rahul Modi, officials of the society embezzled the money of the depositors.

Large sums of depositors were embezzled in salaries, incentives and commissions. The fraud perpetrated by Mukesh Modi and other accused has eroded the lifetime earnings of 20 lakh investors.

In the same case, the ED had seized assets worth Rs 1,489.03 crore in October, 2019. And also acquired possession of these properties last year. A chargesheet was also filed before the Special PMLA court in March this year.