Jaipur : Enforcement Directorate (ED) has attached movable and immovable assets worth Rs 135 crore of Adarsh Credit Co-operative Society. In this action taken under the provisions of Prevention of Money Laundering Act (PMLA), 2002, till now ED has attached assets worth more than Rs 2075 crore. The agency gave this information on Tuesday. This is a major action by ED in the Rs 14 thousand crore Adarsh Credit scam. MP Lumbaram Chaudhary had met Union Home Minister Amit Shah and sought relief from investors by returning their stuck deposits.
Commission given to family firm
The investigation revealed that the main accused Mukesh and Rahul Modi, in collusion, assured investors of high returns and collected thousands of crores. The investigation found that the society’s funds were diverted through unsecured loans, incentive and ex-gratia payments to Mukesh’s family members serving the society, agency commission to the family firm, entry of Mukesh, his family and associates into loss-making share trading, real estate and other businesses. Tax was diverted.
Main accused in jail
Mukesh Modi, the main accused in this case, is already lodged in Jaipur jail. However, he was also brought to Jodhpur last year on production warrant. It is noteworthy that Adarsh Credit was formed in the year 1999, this company had opened 806 branches in 28 states, out of which 309 branches were in Rajasthan, where 21 lakh investors were defrauded.
