Jaipur, February 16 – The Enforcement Directorate (ED) in Jaipur has provisionally attached movable and immovable assets worth approximately ₹7.72 crore on December 9, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the case involving Adarsh Credit Co-operative Society Ltd and others.
The investigation was initiated based on FIRs registered by the Special Operations Group (SOG) of the Rajasthan Police. According to the allegations, the main accused, Mukesh Modi and Rahul Modi, along with their associates, collected crores of rupees from investors and members of the society. These funds were allegedly siphoned off through the Adarsh Group of Companies, its directors, firms, LLPs, and related entities, causing wrongful loss to investors and corresponding wrongful gain to the accused.
The ED investigation revealed that Mukesh Modi and his family members exercised effective control over the Society and its financial operations. Investors, many from economically weaker sections, were lured with promises of abnormally high returns, resulting in the collection of funds amounting to thousands of crores of rupees.
It was further revealed that the Society's funds were diverted through unsecured loans, incentives, and ex gratia payments to family members employed within the Society, agency commissions to family-controlled firms, loss-making share trading, and investments in real estate and other businesses linked to Mukesh Modi, his family, and associates.
The investigation has identified proceeds of crime (POC) amounting to approximately ₹3830.06 crore, allegedly acquired and utilized by Mukesh Modi, his family members, associates, and their companies, firms, and LLPs for the acquisition of movable and immovable assets.
Earlier, the ED had attached properties worth ₹2176 crore through four Provisional Attachment Orders (PAOs). Additionally, a Prosecution Complaint and a Supplementary Complaint have been filed before the Special Court (PMLA), Jaipur, against 139 accused individuals and entities, and the Court has taken cognizance.
Further investigation into the matter is ongoing.