Rs.366 crore Adarsh assets seized by ED in PMLA case

New Delhi: The Enforcement Directorate(ED) has provisionally attached immovable and movable assets worth Rs 365.94 crore of Adarsh Group of Companies, Riddhi Siddhi Group of Companies and others.

The attached assets are in the form of agricultural/residential/commercial land parcels situated at Rajasthan, Haryana and New Delhi as also fixed deposits/balances in savings bank accounts. ‘

The ED had initiated investigation on the basis of an FIR registered by the Special Operation Group, Rajasthan Police against Mukesh Modi, Rahul Modi and others of Adarsh Group, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) and other private persons.

“Money laundering investigation by ED revealed that Mukesh Modi in collusion with his relatives Virendra Modi, Rahul Modi, Rohit Modi, et al and associates including society’s officials, siphoned off depositors’ funds from ACCSL by way of inter linked fraudulent



transactions,” the ED said in a statement.

Mukesh Modi, his relatives and associates incorporated several companies/firms/LLPs (limited liability partnerships) for the sole purpose of diverting funds from ACCSL to their real estate business by way of availing fraudulent loans, it said.

He also infused significant ‘Proceeds of Crime’ in these companies as share capital from ACCSL. Further, ‘huge’ amount was diverted and siphoned off by means of exaggerated salaries, incentives and commissions to its own kin and companies/firms. The actions of Mukesh Modi and others caused the society a huge loss and deprived two million investors of their life savings, it further said.

Earlier, the ED had attached properties worth Rs 1,489.03 crore across six states on October 7, 2019. The said attachment was confirmed by the Adjudicating Authority (PMLA), New Delhi.