The Enforcement Directorate has attached immovable and movable properties worth whopping Rs 1,489 crores in connection with embezzlement of public deposits by Adarsh Credit Cooperative Society Limited,the agency said on Monday.
The properties include land and building valued at Rs 1464.76 crore and fixed deposits balance in various bank accounts of Rs 24.44 crore approximately belonging to Adarsh Group of Mukesh Modi, Virendra Modi and his family, Riddhi Siddhi Group of Mahendra Tak, Saurabh Tak and properties of other accused, it said.
ED found these properties in Rajasthan, Haryana, New Delhi, Gujarat, Maharashtra and Uttar Pradesh involved in the offence of money laundering and provisionally attached them under the Prevention of Money Laundering Act, 2002.
The FIR was registered on the basis of a complaint of various investors against Mukesh, Rahul and others for not returning their money invested in Adarsh Credit Cooperative Society Limited on maturity.
Mukesh, his relatives and associates incorporated several companies/firms/Limited Liability Partnerships for the sole purpose of diverting funds from ACCSL to their real estate business by way of availing fraudulent loans,the ED said.
Investigation also revealed that huge amounts were diverted and siphoned off by means of exaggerated salaries, incentives and commissions to the relatives and companies/firms of Mukesh family, the probe agency said.