New Delhi: The Enforcement Directorate (ED) has filed chargesheet against 124 individuals, companies and firms in Adarsh Credit Cooperative Society case in Adarsh Credit Cooperative Society Ltd. (ACCSL), Mukesh Modi and directors/partners/persons responsible for Adarsh Group of Companies/firms/LLPs, Riddhi Siddhi Group of Companies/firms/AOPs, Virendra Modi Group of Companies/firms/individuals and others.
This chargesheet has been filed consequent to attachment of movable and immovable properties of Rs.1489 Crore spread across states of Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra, Uttar Pradesh and Uttarakhand. The attachment order has been confirmed by PMLA Adjudicating Authority.
ED initiated investigation on the basis of FIR registered by Rajasthan Police against Mukesh Modi, Rahul Modi & others of Adarsh Group, officials of ACCSL and other private persons for the offences of cheating, criminal breach of trust, forgery of valuable security and criminal conspiracy.
Money laundering investigation revealed that ACCSL lured common people by offering high interest rates on their deposits. The funds so collected were siphoned off to Mukesh Modi’s companies/firms and his relatives and associates in garb of loans illicitly availed and integrated with their real estate businesses.
The funds were diverted/siphoned off by Mukesh Modi and others. Mukesh Modi in collusion with his relatives Virendra Modi, Bharat Modi, Rahul Modi, Rohit Modi, Priyanka Modi, etc. and associates including society’s officials, siphoned off depositors’ funds from ACCSL by way of inter linked fraudulent transactions.
Mukesh Modi, his relatives and associates incorporated several companies/firms/LLPs for sole purpose of diverting funds from ACCSL to their Real Estate business by way of availing fraudulent loans. Apart from the above, he infused huge Proceeds of Crime in these companies as share capital from ACCSL. Also, huge amounts were diverted and siphoned off by means of exaggerated salaries, incentives and commissions to its own kin and companies/firms.
ED has taken possession of properties in 19 districts of 7 states in July-August of 2020.
Further investigation is in progress.
