The ED said the attached real estate and movable assets come in the form of plots of agricultural, residential and commercial land located in Rajasthan, Haryana and New Delhi and term deposits, balances on savings accounts. .
The ED has registered a case on the basis of an FIR registered by the Special Operation Group, the Rajasthan police against Mukesh Modi, Rahul Modi and other members of the Adarsh group, officials of Adarsh Credit Cooperative Society Ltd (ACCSL) and other private persons.
The official said that ED’s money laundering investigation revealed that Mukesh Modi in collusion with relatives Virendra Modi, Rahul Modi, Rohit Modi, et al. and associates, including representatives of the company, embezzled the funds of ACCSL depositors through fraudulent related transactions.
He said that Mukesh Modi, his relatives and associates have formed several companies, firms and LLPs with the sole purpose of diverting funds from ACCSL to their real estate business using fraudulent loans.
“Mukesh Modi has also injected huge income from crime into these businesses as ACCSL’s registered capital. In addition, huge sums of money have been embezzled and siphoned off through inflated salaries, incentives and commissions from his own relatives and businesses / businesses. The actions of Mukesh Modi and others caused a huge loss to the company and deprived investors of 20 lakhs of their savings, ”he said.
Previously, the ED had tied properties worth Rs 1,489.03 crore in six states on October 7, 2019.
The ED also filed an indictment in a special court under the PMLA law on March 31 of this year, arguing for the confiscation of these properties alongside the launching of prosecutions against 124 accused people.
The official said that based on the results of the investigation conducted by ED so far, the total proceeds of crime (POC) has been discovered to the tune of Rs 3,830 crore, on which ED has attached charges. assets valued at Rs 1,854.97 crore of the Adarsh group of companies. , Riddhi Siddhi Group of Companies, Virendra Modi Group of Companies and others to date.