Mumbai. The Enforcement Directorate has taken possession of six properties in Kharghar and Pune as part of a money laundering investigation linked to alleged investor fraud involving Dnyanradha Multistate Co-operative Credit Society and entities associated with the Kute Group. Officials said the case involves suspected diversion of society funds worth ₹24.67 billion.
Properties Worth ₹92.9 Million Taken Over
According to officials, the seized properties are valued at approximately ₹92.9 million and belong to Suresh Kute, Archana Kute and associated entities. The action has been taken under the Prevention of Money Laundering Act, 2002.
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The ED’s action follows multiple FIRs registered across Maharashtra alleging large-scale investor fraud. The agency said legal proceedings are underway against Suresh Kute and Archana Kute, who have already been arrested in connection with the case.
High-Return Deposit Schemes Under Scanner
Investigators said Dnyanradha Multistate Co-operative Credit Society allegedly attracted thousands of depositors by offering high returns ranging between 12 percent and 14 percent. Many investors later reported delayed payments or non-repayment of deposits.
Officials suspect that a large portion of the society’s funds was routed as loans to entities linked to the Kute Group. These entities are believed to be beneficially owned and controlled by Suresh Kute and Archana Kute.
Fund Diversion and Loan Processes Being Examined
The ED’s preliminary findings indicate that loans were allegedly extended without adequate collateral, proper end-use verification or standard financial compliance procedures. Investigators are examining whether the funds were used for unrelated business purposes or siphoned off for personal gain.
The agency is also reviewing the cooperative society’s governance structure, approval mechanisms and loan sanctioning process. Officials are analysing bank accounts, property acquisitions, inter-company transfers and digital financial records to trace the complete money trail.
Authorities said the investigation may expand further if additional irregularities are found. More properties and assets linked to the accused may come under scrutiny as forensic analysis and financial audits continue.
