JAIPUR: The Enforcement Directorate (ED) provisionally attached assets worth Rs 365.94 crore of the Adarsh Groups, Riddhi Siddhi Group of companies, and others in a money laundering case.
The assets are in the form of agricultural, residential, and commercial land parcels situated in Rajasthan, Haryana, and New Delhi, along with fixed deposits and bank balances, the agency said in a statement.
The ED began an investigation on the basis of an FIR which was filed by the Special Operations Group (SOG) of the Rajasthan police against Mukesh Modi, Rahul Modi, and others of AdarshGroup, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) besides other private persons.
The investigation revealed that Mukesh Modi in collusion with his relatives- Virendra Modi, Rahul Modi, Rohit Modi, and associates including the society’s officials, siphoned off depositors’ funds from ACCSL through fraudulent transactions.
Mukesh Modi, his relatives, and aides incorporated several companies and firms for the sole purpose of diverting funds from the ACCSL to their real estate business by way of availing fraudulent loans.
According to the ED, he also infused huge proceeds of crime (PoC) in these companies as share capital from the ACCSL.
Also, a huge amount was diverted and siphoned off by means of exaggerated salaries, incentives, and commissions to his own kin and companies.
The agency said that the actions of Mukesh Modi and others caused society a huge loss and deprived several lakhs of investors of their life savings.