ED attaches properties worth Rs 3.46 crore in Mumbai, society scam case!

In a major action, the Mumbai zonal office of the Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 3.46 crore under the Prevention of Money Laundering Act. This action has been taken as part of the ongoing money laundering investigation against Gyanradha Multistate Co-operative Credit Society Limited (DMCCSL) and its associated persons.

The properties attached on Thursday are office units located in Kharghar area of ​​Navi Mumbai, which are said to have been purchased with alleged crime proceeds.

This investigation of ED was started on the basis of several FIRs registered in various police stations of Maharashtra. In these FIRs, allegations have been made against Suresh Kute and others for cheating investors on a large scale.

It is alleged that attractive deposit schemes were run through DMCCSL, in which investors were lured with high returns ranging from 12 to 14 percent. A large number of people invested in these schemes, but later they either did not receive payment or were partially paid, due to which they suffered huge financial losses.

A detailed investigation by the ED revealed that a major part of the society’s funds, approximately Rs 2,467 crore, was transferred to the Kutte group of companies in the form of “loans”. The group was controlled by Suresh Kute and his wife Archana Kute.

According to the investigating agency, these loans were given without any adequate documentation, collateral security or proof of end use of the funds. It was further found that these funds were diverted for personal gains or in other unrelated business investments instead of being used in legitimate business activities.

In this case, till now ED has raided many places and issued many temporary attachment orders. According to the investigating agency, so far assets worth about Rs 1,625.36 crore have been seized, frozen or attached in this case.

Earlier, ED had arrested the main accused Suresh Kute and also filed a prosecution complaint against him in the special PMLA court in Mumbai, of which the court has taken cognizance.

On March 2, 2026, ED also arrested Archana Kute. After interrogation, he was sent to judicial custody on 7 March 2026. At present, further investigation is going on in this much talked about financial scam and the agency is also investigating other related persons and properties.