In a major crackdown, the Enforcement Directorate (ED), Mumbai Zonal Office, has provisionally attached immovable and movable assets worth Rs 188.41 crore of M/s Dnyanradha Multistate Co-operative Credit Society Ltd (DMCSL), Suresh Kute, and others under the Prevention of Money Laundering Act (PMLA), 2002.
The attached properties include land, buildings, and machinery of Kute Group entities located in Beed, Maharashtra.
The ED action follows multiple FIRs filed across Maharashtra between May and July 2024, alleging that DMCSL lured over 4 lakh investors with false promises of 12–14% returns. However, the investors were either not paid or partially paid on maturity of their deposits.
The ED probe has revealed that Rs 2,467 crore was illegally diverted under the guise of loans to companies owned by Suresh Kute and his family, and the funds were siphoned off for personal use.
With this latest attachment on 9 May 2025, the total value of assets seized or frozen in the case has risen to Rs 1,621.89 crore. Kute, who was arrested on 7 January 2025, remains in judicial custody. ED has already filed a prosecution complaint, and further investigation is ongoing.