The Directorate of Enforcement (ED), Mumbai Zonal Office, has arrested Archana Kute in connection with an alleged multi-crore money laundering case linked to the Dnyanradha Multistate Co-operative Credit Society Ltd. The arrest was made on March 2 under the provisions of the Prevention of Money Laundering Act, 2002.
Kute was produced before the Special Court in Mumbai on March 3, which remanded her to ED custody until March 7 for further investigation.
The case stems from multiple FIRs registered across Maharashtra between May and July 2024 alleging large-scale fraud against investors. According to investigators, the society had floated high-yield deposit schemes promising returns of 12–14 percent, attracting thousands of investors. However, many depositors reportedly suffered heavy losses due to non-payment or partial repayment of their deposits.
ED investigations revealed that nearly Rs 2,467 crore of the society’s funds were allegedly diverted as loans to companies linked to Suresh Kute and his associates. Authorities claim the funds were siphoned off for personal gains and unrelated businesses.
So far, the ED has attached assets worth about Rs 1,621.89 crore in the case. Investigations are ongoing.
