The Enforcement Directorate has attached assets worth ₹ 1489 crores in connection with Adarsh Credit Cooperative Society embezzlement case.
The probe agency said the assets included land and building located at Rajasthan, Haryana, Delhi, Uttar Pradesh, Gujarat, Maharashtra and balances in bank accounts.
The properties, attached under the Prevention of Money Laundering Act include land and buildings valued at Rs 1,464.76 crore, and fixed deposits and balances in various bank accounts, amounting to Rs 24.44 crore, belonging to Adarsh Group of Mukesh Modi, Virendra Modi and his family, Riddhi Siddhi Group of Mahendra Tak, Saurabh Tak and properties of other accused.
All these properties were found involved in the offence of money laundering, said the ED, adding the properties are situated at Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra and Uttar Pradesh.
The ED had initiated investigation on the basis of the FIR registered on December 28 last year by the Special Operation Group of Rajasthan Police for the offences of cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy against Mukesh Modi, Rahul Modi and others of the Adarsh Group, officials of the ACCSL and others.
The FIR was registered on the basis of complaint of various investors against Mukesh Modi, Rahul Modi and others for not returning their money invested in the ACCSL on maturity.
"The investigations conducted so far has revealed that Mukesh Modi, in collusion with his relatives Virendra Modi, Rahul Modi and other associates, siphoned off depositors' funds from the ACCSL by way of inter-linked fraudulent transactions," said the ED.
The ED said that Mukesh Modi, his relatives and associates incorporated several companies for sole purpose of diverting funds from the ACCSL to their real estate business by way of availing fraudulent loans. Mukesh Modi also infused huge amounts in these companies as share capital from the ACCSL, the ED said.
"Huge amounts were diverted and siphoned off by means of exaggerated salaries, incentives and commissions to the relatives and companies of Mukesh Modi's family."
"The actions of Mukesh Modi and others caused the ACCSL a huge loss to the tune of around Rs 4,000 crore, excluding interest charged by the ACCSL on purported borrowings. Thus the amount was generated as a result of criminal activity relating to scheduled offences and accordingly Provisional Attachment Order has been issued under PMLA attaching the assets totalling to Rs 1,489 crore. Further investigation in this case is under progress," said the ED.
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